Germany Producer Price Inflation At Record High

(RTTNews) - Germany producer price inflation rose to a fresh record high in May driven by energy prices, data from Destatis showed on Monday.

Producer prices logged a double-digit growth of 33.6 percent year-on-year in May, following April's 33.5 percent increase. The rate was forecast to grow again by 33.5 percent.

On a monthly basis, producer prices gained 1.6 percent after rising 2.8 percent in April. Economists had forecast prices to climb 1.5 percent.

Energy prices as a whole surged 87.1 percent from the previous year. Excluding energy, producer prices advanced 16.5 percent.

Among other components of the producer price index, prices of intermediate goods increased by 25.1 percent.

Prices of non-durable consumer goods grew 14.7 percent and that of durable consumer goods by 9.4 percent. Capital goods' prices rose by 7.1 percent, the highest year-on-year change since September 1975.