producer prices reach unprecedented levels

AA / Istanbul

The producer price index in Germany rose during the month of August to 45.8%, on an annual basis, under the impact of the persistent increases in energy prices in the country.

Figures released on Tuesday by the German Federal Statistical Office, Destatis, showed that the producer price index on a monthly basis increased by 7.9% compared to July.

On an annual basis, producer prices in the country were 37.2% in July, an already historic level before the publication of the August figures which exceeded those of the previous month.

The prices of intermediate goods increased on an annual basis at 17.5%, capital goods at 7.8%. As for durable and non-durable consumer goods, they climbed to 10.9 and 16.9%, respectively.

Germany’s consumer price inflation rate rose last August to 7.9%, on an annual basis.

The country is still suffering from the successive increases in energy prices, due to the fall in Russian deliveries of natural gas, and the continued search for other sources of supply by the German government.

German Chancellor Olaf Scholz is due to begin a visit to the Middle East at the end of this week to discuss gas supplies and sign new contracts with the United Arab Emirates, Saudi Arabia and Qatar.

* Translated from Arabic by Mounir Bennour.

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