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German producer prices register record 24.2% jump in December -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A technician is working in the production line for Volkswagen’s electric ID. 3 car, Dresden, Germany. June 8, 2021. REUTERS/Matthias Rietschel

BERLIN (Reuters – German producer price rose by 24.2% in December, driven by record high energy prices. Official data on Thursday showed that the increase was due to a record annual jump.

According to the Federal Statistics Office, this was the biggest year-on-year jump in December since 1949 when the Federal Statistics Office started compiling producer prices numbers.

After November’s 18.4% increase and November’s 19.2% increases, December was the third consecutive month with very high figures.

An average analyst polled by Reuters expected a 19.4% annual growth.

Record-breaking producer prices saw a 5% increase month over month, compared to 0.8% November.

The Federal Statistics Office reported that energy prices increased 69% over December 2020. Producer prices increased 10.4% despite excluding energy prices.

Inflation is a key indicator by producers prices. These prices are taken at the factory before any products go to market and are a good indicator of inflation trends.

 

 

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