Customers shop at a supermarket in Frankfurt, Germany, April 22, 2022. German producer prices rose by 30.9 percent year-on-year in March, the steepest increase since the start of the data series in 1949, the Federal Statistical Office (Destatis) said on Wednesday.(Xinhua/Lu Yang)
BERLIN, April 20 (Xinhua) -- German producer prices rose by 30.9 percent year-on-year in March, the steepest increase since the start of the data series in 1949, the Federal Statistical Office (Destatis) said on Wednesday.
Energy prices continued to be "mainly responsible" for the price development, rising 83.8 percent.
According to Destatis, natural gas and electricity saw particularly sharp price increases (144.8 percent and 85.1 percent, respectively).
Excluding energy, producer prices in Germany would have risen by 14 percent year-on-year only, Destatis noted.
After oil prices plummeted in 2020 due to the outbreak of the COVID-19 pandemic, a barrel of Brent crude now costs around 110 U.S. dollars.
Significant price increases were also recorded for intermediate goods, rising 23.3 percent year-on-year.
According to Destatis, prices for fertilizers, nitrogen compounds and wooden containers rose particularly sharply, by 87.2 percent, 87.2 percent and 68.8 percent, respectively.
In March, the country's inflation rate hit a 40-year high of 7.3 percent, according to the latest official figures. Household energy and motor fuel prices even rose by 39.5 percent.
To cushion the effects of rising energy prices, Germany's government has adopted several measures, including an increase in the basic tax-free allowance and higher mileage allowances for long-distance commuters. ■
A woman shops at a supermarket in Frankfurt, Germany, April 22, 2022. German producer prices rose by 30.9 percent year-on-year in March, the steepest increase since the start of the data series in 1949, the Federal Statistical Office (Destatis) said on Wednesday.(Xinhua/Lu Yang)
