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German May wholesale prices up 8.1 percent on year; increase marks highest rise since 1982

German May wholesale prices up 8.1 percent on year; increase marks highest rise since 1982

German wholesale prices jumped 8.1 percent in May compared to the same month a year ago, the biggest increase in 26 years, the Federal Statistics Office said Tuesday.
The overal increase was the biggest since February, 1982, the agency said, and was boosted by a 33.4 percent increase in prices for grain, seed and animal feed, along with a 16.4 percent increase in dairy products, eggs and food oil.
Increasing prices for food and energy have been driving up inflation in Europe, creating a headache for the European Central Bank. Last week, bank President Jean-Claude Trichet said it might increase interest rates at its next meeting; higher rates can hurt growth but are central banks' chief weapon against higher prices.
The Wiesbaden-based statistics office said in April and in March of this year, the annual rates were up 6.9 percent in April and 7.1 percent in March.
Wholesale prices increased by 1.4 percent from the month before.


Updated : 2021-05-15 06:29 GMT+08:00