37.1 C
Delhi
Thursday, June 23, 2022

Bloodhound Named Top Dog at Westminster Dog Show

https://ift.tt/OtPmcej Author webdesk@voanews.com (Associated Press) Source : VOA

US Advisory Panel Recommends Stronger Flu Shots for Seniors

https://ift.tt/fNarpCz advisory panel for the U.S. Centers...

US Expanding Monkeypox Testing

https://ift.tt/Pd0DQgj United States is expanding its capacity...

Producer prices in Germany highest since 1949 – report

The increases are driven by soaring energy costs, according to official data

Producer price inflation in Germany rose at a record pace in May, the Federal Statistical Office (Destatis) said on Monday – the fastest increase since the beginning of data collection in 1949.

According to data, prices ballooned 33.6% year-on-year last month, following April’s 33.5% increase.

On a monthly basis, producer prices gained 1.6% after growing 2.8% in April. Economists had projected prices to rise 1.5%.

Price increases continue to be driven primarily by soaring energy costs, which were up 87.1% from the previous year. The price of natural gas, which German industry relies on heavily, skyrocketed by 148.1%.


READ MORE: Germany to hoard gas – media

Destatis data shows that excluding energy, producer prices advanced 16.5% last month year-on-year. Prices of non-durable consumer goods were up 14.7%, and durable consumer goods by 9.4%.

According to the statistics office, the ongoing rise in producer prices indicates that consumer price inflation has not yet reached its peak.

For more stories on economy & finance visit RT’s business section

https://ift.tt/EsORGTr 20, 2022 at 05:30PM
from RT – Daily news

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles