Ekonomické zprávy

German producer price index rose more than forecast in January

Data published by the Federal Statistical Office (Destatis) showed that in January, the growth of German producer prices unexpectedly accelerated, and reached the highest level in the entire history of observations. The producer price index increased by 25% per annum compared with an increase by 24.2% per annum in December. Economists had expected the index to grow by 24.2% per annum. Meanwhile, on a monthly basis, producer prices increased by 2.2% after an increase by 5% in January. Consensus estimates suggested a slowdown in growth to 1.5%.

Destatis reported that a stronger increase in prices in annual terms was due to an increase in the cost of energy (+66.7% per annum and 1.3% per month), namely natural gas (distribution) - by 119% per annum. Meanwhile, prices for electricity and petroleum products jumped by 66.7% per annum and 32.9% per annum, respectively. Excluding energy, the producer price index increased by 12.0% per annum and by 2.5% on a monthly basis.

The data also reflected an increase in the cost of intermediate goods - by 20.7% per annum and by 3.1% relative to the previous month - which was mainly due to an increase in metal prices (+36.9% per annum). The cost of non-durable consumer goods increased by 6.7% per annum and by 2% on a monthly basis, while food prices jumped by 8.4% per annum. Meanwhile, the cost of capital goods increased by 5.3% per annum (the highest increase since December 1982), and prices for consumer durable goods increased by 6.2% per annum.

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