German producer prices surge at record pace in July amid dearer energy

Producer prices in the euro area's largest economy continued accelerating last month with energy prices more than doubled versus a year ago.

According to Germany's Federal Office of Statistics, producer prices jumped in July at a pace of 5.3% month-on-month (consensus: 0.5%) and by 37.2% year-on-year (consensus: 31.5%) with the latter marking a new record.

Versus July 2021, energy prices were ahead by 105.0% and by 14.7% in comparison with the previous month.

Those for natural gas distribution were up 163.8% and those of electricity by 125.4%.

The cost of intermediate goods meanwhile rose by 19.1% in annual terms but dipped by 0.3% over the month.

Prices of non-durable consumer goods were up by 16.2% year-on-year and by 1.3% month-on-month and those of durable consumer goods by 10.9% year-on-year.

Capital goods prices were up 8.0%.