The rise of producer prices in Germany recorded a new record in August, driven by energy prices, according to data released by Destatis on Tuesday.
Producer prices in Germany rose by 45.8 percent in August compared to the same month last year, the highest since 1949 when the German statistical office began publishing data, surpassing the record 37.2 percent increase in July.
Compared to July, they were up by 7.9 percent, which is also the largest increase since Destatis began reporting. In July, they rose by 5.3 percent on a monthly basis.
Energy prices were more than double what they were in the same month last year. On a monthly basis, they increased by 20.4 percent.
Electricity was nearly four times more expensive for distributors, and gas was three times more expensive than in August last year.
When excluding energy prices, producer prices were up by 14 percent.
Due to rising energy costs, prices for intermediate goods also significantly increased, by 17.5 percent, as well as for durable and non-durable consumer goods, by 10.9 and 16.9 percent, respectively.
Food prices rose by 22.3 percent, with butter prices jumping by 74.6 percent compared to last August. Producer prices for unprocessed vegetable oils also surged by 51.4 percent. Milk and coffee were a third more expensive, while meat excluding poultry was a quarter more expensive than in August 2021.
