German Producer Prices Surge By Record 37.2% Amid Energy Crisis

German producer prices leaped 37.2% in July year-on-year and 5.3% compared to June, marking the highest increases in both yearly and monthly terms, the national statistics agency said Friday

MOSCOW (UrduPoint News / Sputnik - 19th August, 2022) German producer prices leaped 37.2% in July year-on-year and 5.3% compared to June, marking the highest increases in both yearly and monthly terms, the national statistics agency said Friday.

"In July 2022, the index of producer prices for industrial products increased by 37.2% compared with July 2021...

this was the highest increase ever compared to the corresponding month of the preceding year," Destatis said in a statement.

Soaring energy prices were the main driver behind the unprecedented rise in producer prices on the domestic market, the agency explained. July prices continued their climb upwards from +32.7% in June and +33.6% in May.

Germany saw energy prices as a whole skyrocket this year, rising 105% in July 2022 from the same month last year and 14.7% from June 2022, Destatis estimated. Natural gas prices were up 163.8% on July 2021 and electricity prices were 125.4% up.