6/20, 8:01 AM (Source: TeleTrader)
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German producer prices soar record 33.6% in May

The producer prices across Germany jumped by 33.6% in May compared to the same month a year ago to surpass market expectations, according to a report published by the Federal Statistical Office on Monday. On a monthly basis, the producer prices index expanded by 1.6%.

The largest contributor to the soaring prices increased in energy costs, which were up 87.1% versus May 2021, particularly the expansion of natural gas, which surged as much as 148.1%. Electricity prices climbed 90.4% in the same period.

The prices of intermediate goods grew 25.1%, with metals leading the gains by rising 38.1%. The prices of non-durable consumer goods increased by 14.7% last month, while the prices of capital goods rose by 7.1%.

Baha Breaking News (BBN) / ND