According to the report from the Federal Statistical Office (Destatis), last month, wholesale prices in Germany rose by 1.3% on a monthly basis after rising by 1.6% in October. Economists also expected an increase of 1.3%.
Destatis reported that in annual terms, the wholesale price index increased by 16.6% after an increase of 15.2% in October, and recorded the largest increase since the beginning of this reporting (since 1962).
A significant increase in prices in annual terms was due to an increase in the cost of raw materials and intermediate products. The largest contribution to the growth of the index was made by the prices of mineral oil products, which increased by 62.4% compared to November 2020. There were also particularly strong price increases year-on-year in the wholesale trade of scrap and residual materials (+77.4%) as well as ores, metals and semi-finished metal products (+60.3%). Wholesale prices of raw and sawn timber (+41.1%) as well as grain, raw tobacco, seeds and animal feed (+30.3%) also increased significantly.