Germany wholesale prices surge as cost pressures intensify

Wholesale prices in German rose by 16.6% year on year in November, according to official data released on Monday, their biggest rise in six decades.

Harmonised for comparison with inflation data from other European Union countries, prices rose 6% as raw materials costs and supply-chain constraints put pressure on manufacturers. On the month, wholesale prices rose 1.3% in November.

"The high rates of change for wholesale prices in annual comparison derive from increased prices for raw materials and intermediate products," the Federal Statistics Office said in a statement.

Germany's new chancellor, Olaf Scholz, said last month before taking office that very high inflation rates had to be watched closely.