Germany’s producer price inflation accelerated in April to set a fresh record high as energy prices continued to soar higher amid the ongoing war between Ukraine and Russia.
The German producer price index rose to 33.5% YoY in April, according to preliminary figures from the statistical office Destatis on Friday. The reading was higher than a forecast of 31.5% rise by economists and also increased from a 30.9% in March.
Energy prices surged 87.3% annually and increased 2.5 percent from the previous month. Meanwhile, natural gas prices saw a triple-digit increase, which was the main factor of the rise in energy prices in the past few months.
Industrial consumers’ prices jumped 259.9%, while power plants in Germany had to pay four times as much as one year due to the rise in energy prices. Electricity prices also rose 87.7%.