Germany records unprecedented rise in producer prices


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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