German Producer Prices Jump by Record 25.9%

March 21, 2022, 03.30 PM | Source: Reuters

ILUSTRASI. Employees assemble components in a Porsche Panamera Hybrid at the Porsche plant in Leipzig. The automaker will start series production of the E version of its successful Macan model in Leipzig in 2023.

INFLATION - BERLIN. German producer prices maintained their record-breaking rise in February, increasing 25.9% year on year mainly because of energy prices, Federal Statistics Office data showed on Monday.

The jump in factory gate costs, considered a leading indicator for consumer prices, was the biggest since 1949, the statistics office said.

The February figures continued a stretch of record increases since the office began compiling numbers, topping December and January's figures of 24.2% and 25% respectively.

The average expectation among analysts polled by Reuters was for an annual increase of 26.2%.

February's producer prices did not take into account the effects of Russia's attack on Ukraine.

Producer prices also registered a jump of 1.4% from the previous month.

Energy prices were up 68% from February 2021, the statistics office said. Stripping out energy prices, producer prices rose 12.4% year on year.