Producer prices in Germany in October rose by a record 18.4% since 1951

by time news

Producer prices in Germany rose 18.4% in October compared with the same period last year, the German Federal Statistical Office released such data on Friday. This is a record annual increase in prices for 70 years – since November 1951, when the annual producer price increase was 20.6%. Analysts polled by Reuters had expected less significant price increases for the year – by 16.2%. Compared to September, prices in October increased by 3.8%. Producer prices at which goods are purchased by wholesale buyers are one of the indicators of consumer price growth in the near future.

As noted in the department, the basis of the current growth was the increase in energy prices – they increased in comparison with October last year by 48.2%, and in comparison with September – by 12.1%. Gas prices increased by 81.4% over the year, electricity prices – by almost 50%. The prices for wood (37.9%) and for metals (by 37.8%) also showed quite strong growth over the year.

“This again turned out to be significantly larger than the worst fears. Inflation will remain the dominant theme in 2022, ”says LBBW analyst Jens-Oliver Niklash. Consumer inflation in October reached 4.5%, the maximum since 1993, and, according to experts, by the end of the year it may rise to 5%.

Yana Rozhdestvenskaya

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