12.07.202107:20:00UTC+00Germany Wholesale Price Inflation Highest Since 1981

Germany's wholesale prices increased at the fastest pace since 1981, data from Destatis revealed on Monday.

Wholesale prices grew 10.7 percent year-on-year in June, following May's 9.7 percent increase. The annual growth was the biggest since October 1981, when prices were up 11 percent amid oil crisis.

The high rates partly reflect the low base effect as prices were low in the same period of previous year in connection with the coronavirus crisis.

On a monthly basis, wholesale price growth eased to 1.5 percent in June from 1.7 percent in May.

Data showed that wholesale petroleum product prices surged 37.7 percent annually. There were also strong price increases in the wholesale of scrap and residual material prices.