German producer prices surged at their fastest pace in at least 73 years, raising concerns that the eurozone’s largest economy is at risk of a serious bout of stagflation.
Producer prices for industrial products were 30.9 per cent higher in March than they were the same month last year, the sharpest increase since the data series began in 1949. The figures follows downgrades by economists of forecasts for German growth.
Costs for German industry were expected to rise sharply on the back of Russia’s invasion of Ukraine, which has sent prices of energy and other commodities soaring. The official rate, recorded by the Federal Statistical Office, Destatis, was higher than the 28.2 per cent forecast of economists polled by Reuters.
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