In Germany, the Producer Price Index (PPI) remained at a record level, increasing by 45.8 percent last month compared to the same period in 2021 due to the impact of high energy prices.
Germany’s Federal Statistical Office (Destatis) has announced the industrial PPI data for September.
In Germany, PPI increased by 2.3 percent in September compared to August and by 45.8 percent in the same period in 2021.
According to the Bloomberg survey, the expectation was for an increase of 1.5 percent monthly and 45.4 percent on an annual basis.
The increase in August and September was the most substantial annual increase in prices since 1949 when data began to be kept, and it was stated that the main reason for this was the significant changes in energy prices.
It was noteworthy that the record series in producer inflation in industrial products also continued in September.
Industrial PPI increased by 37.2 percent in July and 45.8 percent in August.
According to the Destatis statement, in September 2022, energy prices rose by an average of 132.2 percent compared to the same period of the previous year.
Natural gas distribution prices increased by 192.4 percent and electricity prices by 158.3 percent.
In September, an annual increase of 16.8 percent was observed in intermediate goods prices, 10.9 percent in durable consumer goods, and 7.8 percent in capital goods prices.
Notably, fertilizer prices increased by 113.5 percent compared to the previous year, flour prices increased by 44.3 percent, and newsprint prices increased by 90.4 percent.
PPI increased by 14 percent, excluding energy prices
Excluding energy prices, the PPI increased by 14 percent year-on-year in September.
Producer prices are seen as a leading indicator for the development of inflation.
