Rise in energy prices was primarily responsible for the increase of producer prices compared to August 2021. Prices also rose significantly for intermediate goods (17.5 per cent), durable (10.9 per cent, mainly caused by the 13.2 per cent rise in prices of furniture) and non-durable consumer goods (16.9 per cent).

The producer price index (PPI) for industrial products in Germany in August this year rose by 45.8 per cent over the figure in the same month last year and by 7.9 per cent over the figure in July this year. The Federal Statistical Office said both were the highest such rises ever. In July, the YoY increase was 37.2 per cent and in June, it was 32.7 per cent.

Energy prices as a whole were up by 139 per cent in August this year compared to the same month last year and by 20.4 per cent compared to July this year.

Electricity redistributors had to pay 278.3 per cent more in the month than in August 2021, and special contract customers had to pay 195.6 per cent more.

Prices of natural gas (distribution) were up in August by 209.4 per cent year on year (YoY). Power plants had to pay 269.1 per cent more YoY for natural gas. Industrial consumers’ prices were up by 264.9 per cent YoY and those of resellers by 236.8 per cent YoY.

Across all customer groups, natural gas became 24.6 per cent more expensive in August this year compared to July.

Fibre2Fashion News Desk (DS)