German producer price inflation accelerated to a record high in March, driven by soaring energy prices, preliminary data from Destatis showed.
The producer price index rose 30.9% year-on-year, following a 25.9% increase in February. Economists had forecast 28.2% inflation.
This was the highest increase ever compared to the corresponding month of the preceding year, Destatis said.
Excluding energy, producer price inflation accelerated to 14.0%, from 12.4% in the previous month. Energy prices surged 83.8% annually, led by a massive 144.8% jump in gas prices. Electricity prices climbed 85.1% and mineral oil product prices rose 61.3%.
Prices of intermediate goods increased 23.3% annually, driven by a 39.7% rise in metal prices. Price increases for fertilizers and nitrogen compounds, wooden containers, paper and paper board, and cereal flour were especially high.
Non-durable consumer goods prices increased 9.6%, led by higher prices for vegetable oils, butter, meat and coffee. Durable consumer goods prices climbed 7.4% annually, led by higher prices for furniture.
Capital goods prices rose 5.8%, marking the biggest increase since December 1975, when they increased 6.2%. The biggest impact came from a 6.4% rise in machine prices and a 3.8% increase in vehicle prices.
Compared to the previous month, producer prices rose 4.9% in March, following a 1.4% increase in February. Economists had forecast 2.6% inflation. Excluding energy, producer prices rose 2.3% from the previous month.
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