The producer price index in Germany rose in August last year to 45.8% year on year due to the continued severe impact of rising energy prices in the country.
Data from the Federal Statistical Office “Destatis”, released on Tuesday, showed that the producer price index on a monthly basis rose by 7.9 percent compared with the previous July.
On an annualized basis, domestic producer prices stood at 37.2 percent in July, the previous historical level prior to the release of August data.
On an annualized basis, prices for intermediate goods rose to 17.5%, capital goods – up to 7.8%, and consumer durables and non-durables – up 10.9% and 16.9%, respectively.
Consumer price inflation in Germany rose last August to 7.9 percent year on year.
The country continues to suffer from successive increases in energy prices due to cuts in Russian natural gas supplies and the government’s ongoing search for other suppliers.
German Chancellor Olaf Scholz will begin a visit to the Middle East later this week to discuss gas supplies and sign new supply contracts from the UAE, Saudi Arabia and Qatar, Turkey’s Anadolu news agency reported.
Source: El Iktisad
