Germany records unprecedented rise in producer prices

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In Germany, in July recorded an unprecedented increase in producer prices year on year.

German Federal Statistical Office Destatis reported on August 19 that producer prices were 37.2% higher in July than a year earlier. The annual growth was 32.7% in June, 33.6% in May, 33.5% in April, 30.9% in March, 25.9% in February and 25% in January.

Monthly price growth in July amounted to 5.3% after an increase of 0.6% in June.

In July, energy prices rose 105% year on year and 14.7% month on month. As part of the annual growth, the price of natural gas in the distribution network increased by 163.8%, and electricity – by 125.4%.

Last year, the average increase in German producer prices was 10.5%, after a one-percent decline was recorded in 2020 compared to 2019. Last year, energy prices rose by an average of 24.8% after declining by 4% the previous year. Natural gas prices rose 41.7% while electricity prices rose 25.1% in 2021.

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