Dow Jones Newswires: German producer prices rise at a slower pace in June

by | Jul 20, 2022 | Stock Market

Germany’s producer prices rose strongly year-on-year in June driven by higher energy prices, but at a slower pace than in the previous month, when they posted their largest increase on record. Producer prices rose 32.7% on year in June, the German statistics office Destatis said. This follows a 33.6% increase in May and a 33.5% rise in April.

Compared with the preceding month, the producer prices index rose 0.6% in June. Energy prices rose 86.1% from a year earlier, Destatis said. Strong gains in the price of natural gas, up 141.1% on year, as well as a 93.3% increase in the prices of electricity, were major factors behind the increase, it said. The producer price index excluding energy rose 15.5% on year, according to Destatis. Prices of intermediate goods increased 22.3% from a year earlier. Significant price increases were recorded by metals, which were 33.6% up on June, Destatis said. Prices of nondurable consumer goods increased by 14.7% on year, prices of durable consumer goods rose 10.5% and capital-goods prices increased by 7.4%, Destatis’ data showed. Write to Maria Martinez at [email protected]

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