Producer price inflation in Germany rose at a record pace in May, the Federal Statistical Office (Destatis) said on Monday – the fastest increase since the beginning of data collection in 1949.
According to data, prices ballooned 33.6% year-on-year last month, following April’s 33.5% increase.
On a monthly basis, producer prices gained 1.6% after growing 2.8% in April. Economists had projected prices to rise 1.5%.
Price increases continue to be driven primarily by soaring energy costs, which were up 87.1% from the previous year. The price of natural gas, which German industry relies on heavily, skyrocketed by 148.1%.
Destatis data shows that excluding energy, producer prices advanced 16.5% last month year-on-year. Prices of non-durable consumer goods were up 14.7%, and durable consumer goods by 9.4%.
According to the statistics office, the ongoing rise in producer prices indicates that consumer price inflation has not yet reached its peak.
You can read this article as it originally appears at RT here.
Americans are being deliberately deprived of food and energy as part of the Globalist Great Reset.
(PHOTO: Abdulhamid Hosbas/Anadolu Agency via Getty Images)