FRANKFURT — German producer prices rose in August at the fastest rate since records began in 1949, data released by the Federal Statistical Office showed today, pointing to a further increase in consumer prices.
Producer prices of industrial products rose by 45.8 percent compared to the same month of last year. Compared to July 2022, prices rose 7.9 percent.
Soaring energy prices on the back of Russia’s war against the Ukraine remain the main driver behind rising prices.
The record jump will add to worries that consumer prices will continue to rise in the months ahead. Germany’s Bundesbank projected earlier this week that inflation could top the ten percent mark over the coming months.
