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© Reuters. FILE PHOTO: A worker wears a protective mask at the Volkswagen assembly line after VW re-starts Europe’s largest car factory after coronavirus shutdown in Wolfsburg, Germany, April 27, 2020, as the spread of the coronavirus disease (COVID-19) continues.
BERLIN (Reuters) -German producer prices rose in August at their strongest rate since records began both in annual and monthly terms, driven mainly by soaring energy prices, according to data released on Tuesday.
Producer prices of industrial products increased by 45.8% on the same month last year, the Federal Statistical Office reported. Compared to July 2022, prices rose 7.9%, it added.
The surge was considerably stronger than expected, with analysts having forecast a 37.1% year-on-year rise and a 1.6% monthly rise, according to a Reuters poll.
In July, the year-on-year increase had been 37.2% and in June 32.7%.
Energy prices in August on average were over double the same period last year, up 139%, and 20.4% higher than the previous month, the office reported.
Excluding energy, the year-on-year rise in producer prices came in at 14% in August.
Producer prices for intermediate goods also rose significantly, up 17.5% on the year, driven mainly by a 19.9% surge in the price of metals.
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