BRUSSELS (dpa-AFX) - Germany's industrial producer prices rose at the fastest pace since early 2023 in September led by higher energy prices and a significant increase in prices of intermediate goods, preliminary data from the statistical office Destatis showed on Tuesday.
The industrial producer price index rose 6.7 percent year-on-year, which was much bigger than the 4.6 percent increase in the previous month.
The latest factory-gate inflation rate was also the highest since March 2023, when prices rose 7.5 percent, Destatis said.
Energy prices continued to rise significantly in the backdrop of the escalating tensions in Iran and the Middle East. Prices surged 14.9 percent year-on-year following an 8.3 percent gain in the previous month. A year ago, energy prices rose 5.8 percent. Prices of mineral oil products jumped 51.3 percent annually and heating oil prices nearly doubled in September.
Prices of intermediate goods grew 6.4 percent mainly due to higher prices of metals and chemicals, after a 6.1 percent rise in August. Capital goods and durable consumer goods prices rose 2.4 percent and 2.2 percent, respectively.
Prices of non-durable consumer goods decreased 1.8 percent.
Excluding energy prices, producer prices grew 3.2 percent annually in September and 0.1 percent from the previous month.
Producer prices were 1.9 percent higher from August.
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