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German producer prices rise in July on higher energy costs

Energy prices increased 3.4% month over month in July, lifting petroleum products 6.6% higher than June.

Reported · Written up by our desk · Central Banks

German producer prices rose again in July, with the increase driven largely by higher energy costs, according to Forexlive.

The outlet reports that energy prices climbed 3.4% month over month, including a 6.6% gain for petroleum products versus June, which contributed significantly to the overall monthly reading.

Headline producer prices were up 1.1% month over month in July, versus the 0.7% expected, after a prior month decline of 0.3%. Year over year, producer prices rose 3.0% versus a 2.7% expectation, after the prior 1.8% increase.

Forexlive also noted that stripping out energy left producer prices up just 0.1% on the month, while other categories such as intermediate goods, capital goods, and consumer goods posted small month over month gains.

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