Germany's producer inflation hits new record high in April
Producer prices for industrial products surged 33.5% on annual basis, official data shows
Germany's producer inflation spiked to a new record high in April due to elevated energy prices, the country's statistical office reported on Friday.
The index of producer prices for industrial products surged 33.5% year-on-year in April, the highest increase ever recorded, according to Destatis.
Amid the ongoing Russia-Ukraine war, the index climbed by 2.8% on a monthly basis.
Energy prices were up 87.3% compared to a year ago and by 2.5% from March.