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German producer prices hit all-time high – data — RT Business News

Skyrocketing energy costs have been the major driving force, according to Destatis

Germany’s producer prices rose sharply in August from a year earlier, driven by higher energy costs, and posted the biggest increase ever recorded, the Federal Statistical Office (Destatis) reported on Tuesday.

Data shows that prices were up 7.9% in August, well above analysts’ expectations. They soared 45.8% from a year earlier. That followed a 37.2% jump in July and a 32.7% rise in June.

According to Destatis, energy prices surged 139.0% over the last 12 months. The price of electricity was up 174.9% year-on-year. The producer price index (PPI) excluding energy rose 14% on the year.

Significant price increases were also recorded by metals, which gained 19.9% from August, Destatis said.

Researchers have been warning lately that Germany is headed for a recession. According to last week’s report from the Kiel Institute, the country’s GDP is expected to decline by 0.7% next year. Analysts previously predicted a 3.3% growth for the German economy in 2023.

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