Producer price growth in Germany set a new high in July
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Producer prices (PPI index) in Germany rose by 37.3% in July compared to the same period last year, transmits “Interfax” with reference to the data of the Federal Statistical Office of Germany (Destatis). This is the highest figure since the start of settlements in 1949.
It is specified that growth updated records monthly from December to May. Only in June, the indicator slightly decreased to 32.7% from 33.6% in May. Analysts at Trading Economics had expected the slowdown to continue at 32%.
According to statistical data, monthly manufacturing inflation in July set a record. It rose 5.3% after rising 0.6% in June.
The increase in producer prices is primarily due to the increase in the cost of energy. In particular, the cost of energy in Germany in July more than doubled (by 105%) in annual terms, including gas prices increased by 2.6 times, and electricity – by 2.3 times. If these indicators are not taken into account, the increase in producer prices amounted to 14.6%.
In addition, the cost of production of intermediate goods increased by 19.1%, non-durable goods – by 16.2%, durable goods – by 10.9%. The output of capital goods rose by 8%.
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