Ekonomické zprávy
17.12.2021

German producer price index growth slowed in November

Data published by the Federal Statistical Office (Destatis) showed that in November, the German producer price index increased by 0.8% compared with an increase of 3.8% in October. Economists had expected a 1.4% increase. Meanwhile, in annual terms, producer prices jumped by 19.2% after an increase of 18.4% in October, and recorded the largest increase since November 1951 (+20.6%).

Destatis reported that the catalyst for the annual increase in the producer price index was energy - their cost soared by 49.4% per annum and by 1.2% relative to October. The prices for natural gas (distribution) (+83.4%) and electricity (+48%) increased especially strongly. Meanwhile, excluding energy, the producer price index increased by 9.9% per annum.

The data also showed that prices for intermediate goods increased by 19.1% per annum and by 1.1% on a monthly basis. A significant increase in prices was also recorded for secondary raw materials (+79.1% per annum) and wooden containers (+73.7% year) and lumber (+72.5% per annum).

Prices for short-term consumer goods increased by 3.7% per annum and by 0.6% on a monthly basis, while food prices increased by 4.7% per annum. Meanwhile, prices for consumer durable goods increased by 3.7% per annum, mainly due to an increase in furniture prices (+4.8%).

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