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    Home » German producer prices hit record high in August

    German producer prices hit record high in August

    zubairBy zubairSeptember 20, 2022Updated:August 17, 2023 Business No Comments2 Mins Read
    German producer prices hit a record high in August
    German producer prices hit a record high in August
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    • German industrial goods cost 45.8% more in August than the same month last year.
    • This is the highest rate of inflation since records began.
    • The price of energy went up by 139% from August of last year to August of this year and by 20.4% from July to August.

    As the price of energy keeps going up, it keeps putting pressure on German industrial sector, which caused producer prices to rise to their highest level ever.

    The Federal Statistical Office said on Tuesday that industrial goods cost 45.8% more in August than they did in the same month last year. This is the highest rate of inflation since records began.

    The price of energy went up by 139% from August of last year to August of this year and by 20.4% from July to August.

    Prices of intermediate goods were the same in August as they were in July. This gives people hope that the year-over-year rate of price inflation for consumer goods will soon reach its peak.

    Basic chemicals, fertilisers, and nitrogen compounds kept going up in price by a lot, but the price of wood went down by 12%.

    This month, the German government promised €67 billion to help struggling energy companies.

    This comes as worries grow that rising prices will cause a wave of bankruptcies in the European energy sector.

    According to the Ifo think-tank in Munich, Germany’s economy will shrink next year because rising energy costs will cut people’s disposable income and cause them to spend less.

    Federal Statistical Office German government German industrial German producer
    zubair

    Muhammad Zubair is an accomplished professional with a diverse background in media and technology. Currently serving as an Editor at the Bol News Network, he brings extensive expertise in news curation and content management. With a strong passion for the dynamic world of cryptocurrencies and emerging technologies, Muhammad also holds the position of Managing Director at Crypto Avanza. Muhammad completed his Bachelor's degree in Computer Science from Ilma University, where he gained a solid foundation in technical knowledge and problem-solving skills. Since joining the Bol Network in 2022, he has consistently demonstrated his commitment to delivering high-quality news coverage and engaging content. With a keen interest in exploring the intersection of media and technology, Muhammad actively contributes to the growth and development of the Crypto Avanza platform. Through his leadership and strategic insights, he aims to provide valuable insights into the evolving landscape of cryptocurrencies, blockchain technology, and financial markets. Muhammad Zubair's multifaceted background and dedication to staying at the forefront of industry trends make him a valuable asset in bridging the gap between traditional media and the digital world. His expertise and passion drive him to deliver impactful content that informs and empowers readers in navigating the complexities of the ever-changing global landscape.

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