BRUSSELS (dpa-AFX) - Germany's wholesale prices grew at the fastest pace since early 2023 in April as the war in the Middle East lifted energy and raw material prices, Destatis reported Wednesday.
Wholesale prices increased 6.3 percent on a yearly basis in April, following March's 4.1 percent increase. The latest inflation was the highest since February 2023.
The main reason for the annual increase in wholesale prices was a 37.3 percent surge in mineral oil products prices. Wholesale prices of non-ferrous ores, non-ferrous metals and non-ferrous semi-finished metal products increased 40.2 percent.
On the other hand, wholesale prices of milk, milk products, eggs, edible fats and oils were 7.8 percent lower than in the previous year.
On a monthly basis, wholesale prices grew 2.0 percent but slower than the 2.7 percent increase posted in March. However, the monthly growth surpassed economists' forecast of 1.7 percent.
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