Germany’s producer prices continued to accelerate on energy prices in February, data published by Destatis showed on Monday.
Producer price inflation accelerated further to 25.9 percent in February from 25.0 percent in January. Nonetheless, this was slightly slower than the expected growth of 26.2 percent.
On a monthly basis, producer prices gained 1.4 percent, slower than the 2.2 percent increase in the previous month and also the economists’ forecast of 1.7 percent.
Destatis said the recent price developments in the context of Russia’s attack on Ukraine are not yet included in the results as the survey on industrial producer prices was carried out with the reporting date February 15.
Energy prices surged 68.0 percent annually in February. Excluding energy, producer price inflation was 12.4 percent.
Data showed that intermediate goods prices were up 21.0 percent. Producer prices of non-durable consumer goods and durable consumer goods grew 7.5 percent and 6.7 percent, respectively. Capital goods prices moved up 5.5 percent.