German producer prices showed the biggest annual rise ever in April, as the war in Ukraine sends energy costs to the industry in Europe’s largest economy, according to the data.
Producer prices of industrial products increased by 33.5% compared to the corresponding month of the previous year. Compared to March 2022, prices increased by 2.8%.
Energy prices as a whole increased by 87.3% compared to April 2021, the statistical service announced, attributing the increase to the strong increases in gas prices, which increased by 154.8% in the corresponding period last year.
Power plants had to pay four times as much as last year, while electricity prices rose 87.7% year-on-year as Germany estimated the rising cost of moving away from Russian fossil fuel imports. Moscow invasion of Ukraine.
In April, the second month of the war, food prices in Germany rose 17.3% year on year.