German Producer Prices Soar 6.7% in June

July 18, 2008
Number is largest in 26 years

German producer prices posted their biggest jump in 26 years last month, gaining 6.7% on a 12-month basis, figures released on July 18 by the national statistics office showed. "This was the highest year-on-year rate of price increase since March 1982," when it hit 7.2%, the Destatis office said.

The figure also represented a sharp increase from the already strong annual rate in May of 6%.

As usual, the cost of energy was the main driver of higher producer prices, as those prices gained 0.9% on a one-month basis.

In June, German industries paid 28% more for petroleum products, and 16% more for electricity.

On July 16, Destatis said the German consumer price index had jumped by 3.3% in June, its biggest increase since December 1993.

Inflation has become a global scourge, devouring household budgets and prompting consumers to cut back on many non-essential items. In the 15-nation eurozone, inflation hit a record 4% last month on the back of soaring oil prices.

Copyright Agence France-Presse, 2008

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