Germany’s producer prices rose at the fastest pace since 1974, partly due to much higher energy prices, data released by Destatis showed on Wednesday.
Producer prices increased 14.2 per cent year-on-year in September after rising 12 per cent in August. Prices were expected to gain 12.7 per cent.
This was the highest growth since October 1974, when prices surged 14.5 per cent amid the first oil crisis.
On a monthly basis, producer prices gained 2.3 per cent, much faster than the 1.5 per cent increase in the previous month and economists’ forecast of 1 per cent.
Data showed that energy prices advanced 32.6 per cent annually and intermediate goods prices were up 17.4 per cent.
Excluding energy prices, producer prices were up 8.6 per cent.
Among other components of PPI, prices of durable consumer goods and non-durable consumer goods advanced 3.2 per cent and 2.2 per cent, respectively.
Capital goods prices were up 2.4 per cent.