German producer price inflation rises at fastest pace since 1951

Berlin, Nov. 19, (dpa-AFX/GNA) - Germany's producer prices rose at their fastest pace since 1951, data released by Destatis showed on Friday.

Producer prices increased 18.4 percent year-on-year in October, following a 14.2-percent rise in September. Prices had been expected to gain 16.2 percent. This was the highest growth since November 1951, when prices surged 20.6 percent.

On a monthly basis, producer prices gained 3.8 percent, following a 2.3-percent increase in the previous month. Economists had forecast a rise of 1.9 percent.

Data showed that energy prices advanced 48.2 percent annually and intermediate goods prices rose 18.1 percent. Excluding energy prices, producer prices grew 9.2 percent.

Among other components of producer price inflation, prices of durable consumer goods and non-durable consumer goods advanced 3.4 percent and 3.0 percent, respectively. Capital goods prices rose 3.2 percent.