German producer prices rose 30.9% year-on-year in March, reflecting the effects of the war in Ukraine for the first time, according to data from the Federal Statistical Office.
March figures mark six consecutive months of steady increases, mainly due to rising energy prices, according to the statistics service.
“These results should already include the first consequences of Russia’s attack on Ukraine,” he said.
The increase in factory costs, which is considered a leading indicator of consumer prices, was the largest since 1949, when data began to be recorded.
Average estimates spoke of an annual increase of 28.2%, while in February there was an increase of 25.9%. Producer prices on a monthly basis increased by 4.9%.
Energy prices rose 83.8% from March 2021, while the main reason for the rise was the strong rise in gas prices, which jumped 144.8%.
If energy prices are subtracted, producer prices rose 14% year on year.
Source: Capital
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