German producer prices hit all-time high – data
German producer prices posted the highest increase on record last month, Destatis data shows Read Full Article at RT.com
Skyrocketing energy costs have been the major driving force, according to Destatis
Germany's producer prices rose sharply in August from a year earlier, driven by higher energy costs, and posted the biggest increase ever recorded, the Federal Statistical Office (Destatis) reported on Tuesday.
Data shows that prices were up 7.9% in August, well above analysts’ expectations. They soared 45.8% from a year earlier. That followed a 37.2% jump in July and a 32.7% rise in June.
According to Destatis, energy prices surged 139.0% over the last 12 months. The price of electricity was up 174.9% year-on-year. The producer price index (PPI) excluding energy rose 14% on the year.
Significant price increases were also recorded by metals, which gained 19.9% from August, Destatis said.
Researchers have been warning lately that Germany is headed for a recession. According to last week’s report from the Kiel Institute, the country’s GDP is expected to decline by 0.7% next year. Analysts previously predicted a 3.3% growth for the German economy in 2023.
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