German producer prices jump by record 25.9%

FILE PHOTO: A steel worker of Germany's industrial conglomerate ThyssenKrupp AG takes a sample of raw iron from a blast furnace at Europe's largest steel factory in Duisburg
FILE PHOTO: A steel worker for Germany's industrial conglomerate ThyssenKrupp AG takes a sample of raw iron from a blast furnace at Germany's largest steel factory in Duisburg, Germany, January 28, 2019. REUTERS/Wolfgang Rattay

March 21, 2022

BERLIN (Reuters) – German producer prices maintained their record-breaking rise in February, increasing 25.9% year on year mainly because of energy prices, Federal Statistics Office data showed on Monday.

The jump in factory gate costs, considered a leading indicator for consumer prices, was the biggest since 1949, the statistics office said.

The February figures continued a stretch of record increases since the office began compiling numbers, topping December and January’s figures of 24.2% and 25% respectively.

The average expectation among analysts polled by Reuters was for an annual increase of 26.2%.

February’s producer prices did not take into account the effects of Russia’s attack on Ukraine.

Producer prices also registered a jump of 1.4% from the previous month.

Energy prices were up 68% from February 2021, the statistics office said. Stripping out energy prices, producer prices rose 12.4% year on year.

(Reporting by Miranda Murray; Editing by Zuzanna Szymanska and David Goodman)