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Germany Wholesale Price Inflation Strongest Since 1962

Germany's wholesale price inflation hit a fresh record high in April on high raw materials and energy prices, data published by Destatis showed on Monday.

Wholesale price inflation advanced to 23.8 percent in April from 22.6 percent in March. This was the biggest rate since records began in 1962.

The impact of the war in Ukraine on wholesale prices was observed in April especially in wholesale with raw materials and energy sources, but also with various foods, Destatis said.

Wholesale prices of mineral oil products grew sharply by 63.4 percent and that of solid fuels gained 70.9 percent.

On a monthly basis, wholesale prices grew 2.1 percent, much slower than the 6.9 percent increase posted in March. The increase was largely driven by food product prices.

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