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Producer prices in Germany have been growing at a faster pace since 1949, driven by high energy prices, Destatis reported today.
Producer prices rose 24.2 percent year-on-year in December, after rising 19.2 percent in November. This was the largest increase from year to year since the start of the survey in 1949, which also exceeded economists’ forecasts of 19.4 percent.
On a monthly basis, producer price inflation rose to 5.0 percent from 0.8 percent in November. Economists had forecast prices to rise again by 0.8 percent. The data showed that energy prices increased by 69.0 percent compared to the same period last year. At the same time, intermediate commodity prices rose 19.3 percent.
Excluding energy, producer prices rose 10.4 percent in December, according to the data. In 2021, producer prices rose 10.5 percent compared to a 1.0 percent decline in 2020.
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