German Annual Producer Prices up 14.2% in September

German producer prices increased by 2.3% month-on-month in September for a 14.2% annual increase.

Source: Federal Statistical Office

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The annual increase in producer prices beats economist expectations for a 1% monthly increase and a 12.7% annual increase, attributable to an increase in energy prices.

Energy prices rose 32.6% in August 2021 compared to an 8.0% increase in  August 2020, attributable to the high rise of energy prices relating to natural gas that was +58.9% in September 2020.

On an annual basis, the prices of intermediate goods rose by 17.4% in September 2021 compared to September 2020.

Durable consumer goods posted 3.2% in prices in September 2021, attributable to the price development of furniture (3.9%). Prices of capital goods increased by 2.8% due to increased structural metal products.

Prices of non-durable consumer goods rose by 2.2% compared to September 2020 but remained the same compared to August 2021.

Food prices rose by 2.8%, prices of crude vegetable oils rose by 43.8%, butter prices increased by 15.5%, and beef prices increased by 11.3%.