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Germany’s producer prices growth accelerates

Germany’s producer prices growth accelerates

According to the latest report from Destatis, producer prices in Germany rose by 3.1% on a yearly basis.

The pace of growth was the fastest since December 2011. Month-on-month, prices advanced by 0.2%.

Meanwhile, analysts had projected a 3.2% rise annually and a 0.4% increase from the previous month. In January, producer prices climbed by 2.4% year-on-year and rose by 0.7% from December 2016.

The jump in prices was due to a rise in energy prices, which grew by 5.4% compared with a year before. Prices for oil products soared by 22.7%, while natural gas prices fell by 7.5%.

Excluding energy prices, Germany’s producer prices edged up by 0.3% in February from the previous month and rose by 2.2% year-on-year. Growing consumer prices accelerated to the highest level over the past four years. Inflation exceeded the European Central Bank’s target level at 2.2%.

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