German PPI Surges Again to New Record High in September
2022.10.20 02:47
© Reuters.
By Geoffrey Smith
Investing.com — Factory gate inflation in Europe’s largest economy continued its record-breaking run in September, as companies again passed on sharp increases in their energy costs to buyers.
German producer prices rose by 2.3% and by an eye-watering 45.8% , statistics office Destatis said on Thursday.
The numbers show sustained inflationary pressure in the economic pipeline, and add to the pressure on the European Central Bank to keep raising interest rates despite the obvious slowdown in the Eurozone economy.
Destatis noted that energy prices – up 132% on the year – were by far the biggest contributor. Excluding energy prices, the annual rate of inflation has now been in decline for four months, and totaled only 14% in September.
