Germany’s producer prices increased in August at the fastest pace since 1974, data from Destatis revealed on Monday.
Producer price inflation rose to 12 per cent in August from 10.4 per cent in July. This was the biggest growth since December 1974, when prices were up 12.4 per cent amid the first oil crisis.
On a monthly basis, producer prices advanced 1.5 per cent, but slower than the 1.9-per-cent increase seen in July.
Excluding energy, producer prices grew 8.3 per cent.
The annual growth was largely driven by the 24-per-cent increase in energy prices.
Intermediate goods prices climbed 17.1 per cent.
At the same time, prices of durable consumer goods gained 2.8 per cent and that of capital goods by 2.4 per cent. Non-durable consumer goods prices were up 2.1 per cent.