Germany Wholesale Price Inflation Fastest Since 1974

Germany Wholesale Price Inflation Fastest Since 1974

Germany’s wholesale price inflation accelerated to the fastest since 1974, data from Destatis showed on Tuesday.

Wholesale prices grew 13.2 percent annually in September, following August’s 12.3 percent increase.

Destatis said the last time there was a higher increase than in the same month of the previous year was in June 1974, when wholesale prices rose 13.3 percent in the wake of the first oil crisis.

The latest annual growth was largely caused by the sharp increase in many raw materials and intermediate products. Another reason for the increase was the low base of comparison.

On a monthly basis, wholesale price inflation rose to 0.8 percent from 0.5 percent in August, data showed.