German producer prices jumped by 33.6% in May, marking the biggest increase ever recorded dating back to 1949, according to a report published by the Federal Statistical Office on Monday.
The rising cost of energy remained the primary factor in the rise in producer prices compared to the same month last year.
The producer prices index rose by 1.6% on a monthly basis, up from a 33.5% increase in April.
Compared to May 2021, the cost of energy grew by 87.1%, with the expansion of natural gas contributing the most (up to 148.1%) to the overall price increase. The price of electricity increased by 90.4% during the same period.
The prices of intermediate goods climbed by 25.1%, led by metals, which surged by 38.1%. Last month, the prices of nondurable consumer items jumped by 14.7%, while the prices of capital goods increased by 7.1%.
The price of electricity moved up by 90.4%.