German producer prices surge at record pace in July amid dearer energy
By Alexander Bueso
Date: Friday 19 Aug 2022
(Sharecast News) - Producer prices in the euro area's largest economy continued accelerating last month with energy prices more than doubled versus a year ago.
According to Germany's Federal Office of Statistics, producer prices jumped in July at a pace of 5.3% month-on-month (consensus: 0.5%) and by 37.2% year-on-year (consensus: 31.5%) with the latter marking a new record.
Versus July 2021, energy prices were ahead by 105.0% and by 14.7% in comparison with the previous month.
Those for natural gas distribution were up 163.8% and those of electricity by 125.4%.
The cost of intermediate goods meanwhile rose by 19.1% in annual terms but dipped by 0.3% over the month.
Prices of non-durable consumer goods were up by 16.2% year-on-year and by 1.3% month-on-month and those of durable consumer goods by 10.9% year-on-year.
Capital goods prices were up 8.0%.
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