Germany Wholesale Prices Rise At Fastest Pace Since 2008

Germany's wholesale prices grew at the fastest pace since mid-2008 in May, data published by Destatis revealed on Friday.

Wholesale prices rose 9.7 percent year-on-year in May, following a 7.2 percent increase in April. This was the fastest increase since July 2008, when prices gained 9.9 percent.

The annual growth was largely driven by the 46.8 percent jump in the petroleum product prices.

There were also strong increases in the wholesale prices of scrap and residual materials and in ores, metals and semi-finished metal products.

On a monthly basis, wholesale price inflation advanced to 1.7 percent from 1.1 percent in April.

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