BRUSSELS (dpa-AFX) - German wholesale prices increased at the fastest pace in more than three years in October due to elevated energy prices, data released by Destatis showed on Friday.
Wholesale prices climbed 8.8 percent on a yearly basis in October, marking the strongest rise since February 2023. This followed September's 8.7 percent increase.
The annual increase registered in October was attributable to the conflict in Iran and the Middle East, which resulted in higher wholesale prices of energy products, in particular, Destatis said.
On a monthly basis, wholesale prices were up 0.4 percent in October, in line with expectations. Prices had increased 1.9 percent in September.
The main reason for the acceleration in wholesale price inflation was the surge in prices of mineral oil products, which climbed 47.6 percent from the last year. Further, the wholesale of grain, unmanufactured tobacco, seeds and animal feeds were up 21.2 percent.
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