Business News Asia
As reported by the German Federal Statistical Office (Destatis), the German producer price index (PPI) rose by 30.9% year on year in March.
The PPI for March rose for the sixth consecutive month and was 4.9% higher than the previous month, mainly due to rising energy prices.
The PPI index, which measures the change in producer prices, recorded the highest increase since records began in 1949.
The sharp increase also surprised analysts who had previously forecast a 28.2% rise in PPI.
Producer prices are expected to rise even further due to the sanctions imposed on Russia by the EU. The sanctions are intended to hit Russia, especially its energy exports, but the imposition of sanctions always has a downside.