German producer prices increased 2.1 percent in January from the previous year month, according to a release from the Federal Statistical office. The rate of annual growth is slower than the December’s 2.3 percent.
Similarly, on a monthly basis, German producer prices rose 0.5 percent in the month. This was faster than the pace of 0.2 percent and 0.1 percent seen in December and November respectively.
While intermediate prices advanced 3.1 percent, energy prices grew 2.2 percent in January from the previous year period though the price development of the different energy carriers was diverged.
“Prices of petroleum products increased by 2.3% and prices of electricity by 4.9%, whereas prices of natural gas (distribution) decreased by 0.6%. Prices of non-durable consumer goods rose by 1.5%. Prices of durable consumer goods increased by 1.5% whereas prices of capital goods increased by 1.2%,” the release added.
The overall index, excluding energy, grew 2.1 percent from the year earlier period. On a monthly basis, it was up 0.6 percent in the month.