The GROWTH of producer prices in Germany recorded a new record in August, driven by energy prices, according to data published by Destatis.

Producer prices in Germany rose in August by 45.8 percent compared to the same month last year, the highest since 1949 when the German statistical office began publishing data, surpassing the record 37.2-percent increase in July. Compared to July, they were higher by 7.9 percent, which is also the biggest increase since Destatis has been publishing reports. In July, they rose by 5.3 percent on a monthly basis.

Energy prices in August were more than twice as high as in the same month last year. On a monthly basis, they increased by 20.4 percent. Electricity for distributors was almost four times more expensive, and gas three times more expensive than in August last year. 

Milk, meat, coffee become more expensive…

Excluding energy prices, producer prices were higher by 14 percent.

Due to rising energy prices, the prices of intermediate products also increased noticeably, by 17.5 percent, as did durable and non-durable consumer goods, by 10.9 and 16.9 percent, respectively.

Food became 22.3 percent more expensive, with butter prices jumping by 74.6 percent compared to August last year. Producer prices of unprocessed vegetable oils also jumped, by 51.4 percent. Milk and coffee were a third more expensive, and meat excluding poultry a quarter more expensive than in August 2021.

Source: index.hr