German producer prices post surprise record jump in August

German producer prices rose in August at their strongest rate since records began both in annual and monthly terms. Surge beats analyst expectations, raising the chances that headline inflation will surge even higher. Excluding energy, the year-on-year rise in producer prices came in at 14% in August. Energy prices in August on average were over double the same period last year, up 139% higher than the previous month, the office reported. Inflation in Europe’s largest economy is running at 8.8%, as a dearth in Russian fossil fuel deliveries has led to skyrocketing energy prices.

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