German Producer Prices Post Surprise Record Jump in August

German Producer Prices Post Surprise Record Jump in August
A worker wears a protective mask at the Volkswagen assembly line after VW re-starts Europe's largest car factory after coronavirus shutdown in Wolfsburg, Germany, on April 27, 2020. Swen Pfoertner/Pool via Reuters
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BERLIN—German producer prices rose in August at their strongest rate since records began both in annual and monthly terms, driven mainly by soaring energy prices, raising the chances that headline inflation will surge even higher.

Producer prices of industrial products increased by 45.8 percent on the same month last year, the Federal Statistical Office reported on Tuesday. Compared to July 2022, prices rose 7.9 percent, it added.