Germany Producer Price Inflation Strongest Since 1974

Germany's producer prices rose at the fastest pace since 1974 on strong energy prices, data released by Destatis showed on Wednesday.

Producer prices increased 14.2 percent year-on-year in September after rising 12 percent in August. Prices were expected to gain 12.7 percent.

This was the highest growth since October 1974, when prices surged 14.5 percent amid the first oil crisis.

On a monthly basis, producer prices gained 2.3 percent, much faster than the 1.5 percent increase in the previous month and the economists' forecast of 1 percent.

Data showed that energy prices advanced 32.6 percent annually and intermediate goods prices were up 17.4 percent. Excluding energy prices, producer prices were up 8.6 percent.

Among other components of PPI, prices of durable consumer goods and non-durable consumer goods advanced 3.2 percent and 2.2 percent, respectively. Capital goods prices were up 2.4 percent.

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