German Producer Price Inflation (PPI) rose by 33.6% in May, the highest level in its history amid rising commodity prices and surging costs from supply chain disruption.
The price in May was through the roof as manufacturers and other producers hiked their prices by a startling 33.6%, slightly but terrifyingly higher than the market forecast of 33.5%. The figure was higher than a 33.5% hike in April 2022 and 7.2% in May 2021.
German energy prices were 87.1% higher than a year ago, while metal prices jumped 38.1%, according to the Statistics body Destatis.
Meanwhile, fertilizers and nitrogen compounds more than doubled compared to last year. Livestock feed prices increased by 48.7%. Industrial gas prices are up 68.8% from last year.
The report came after the official report of a 7.9% growth for its annual inflation rate in May 2022, accelerated from 7.4% in the previous month, the highest level since reunification in 1990.