Inflationary pressures in Germany accelerated in February, increasing the producer prices with strongest pace annually for the past five years. The National Statistical Office of Germany Destatis published new data showing that producer prices grow by 0.2% mom and 3.1% yoy in February. The increase on an annual basis is the strongest since December 2011.
“The biggest impact on the index have higher prices for energy products. This trend has continued in recent months, although prices of various products in this sector are rising at different rates”, said the National Statistical Office of Germany is official statement.
The price of heating oil jumped by 52.5% in February 2016, while prices of diesel and electricity rose respectively by 21.2% and 9.6%. The natural gas, however, depreciated 7.5% from last February.
The prices of intermediate goods moved up 3.3 percent and cost of non-durable consumer goods by 2.3 percent. Prices of durable consumer goods rose 1.1 percent and prices of capital goods by 0.9 percent.
The basic manufacturing inflation, which excludes volatile fuel prices, was 0.3% monthly and 2.2% annually.