German producer prices data for February was released earlier today by German Statistics office Destatis. Data showed that German producer prices posted the strongest annual rise in over five years in February.
Germany’s producer prices rose 0.2 percent month-over-month and increased 3.1 percent on the year, the strongest year-over-year increase since December 2011. The annual rise in German producer prices beat economists’ expectations for a 2.9 percent rise and were in line with forecasts for the month.
A major contribution was seen from energy price developments, although prices in the category developed unevenly. Excluding energy prices, producer prices rose 0.3 percent on the month and increased 2.2 percent on the year.
Details of the report showed prices for light heating oil jumped 52.5 percent from February 2016, while prices for diesel fuel and electricity were up 21.2 percent and 9.6 percent, respectively. Natural gas prices, however, fell 7.5 percent from February 2016.