German wholesale prices rise faster than at any time since 1974: Destatis

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BERLIN, Oct. 12 (Xinhua) -- Selling prices in Germany's wholesale sector in September rose by 13.2 percent year-on-year, recording the highest monthly annual rate of change since June 1974 after the first oil crisis, the Federal Statistical Office (Destatis) announced on Tuesday.

"The high rates of change for wholesale prices in annual comparison derive from increased prices for raw materials and intermediate products, as well as a base effect due to last years' very low price levels in the context of the coronavirus crisis," Destatis said.

Price increases for ores, metals and semi-finished metal products as well as mineral oil products, up 62.8 and 42.3 percent respectively, had the greatest impact on the annual rate of change in the wholesale price index, according to Destatis.

When Germany's foreign trade figures were published last week, the Federation of German Wholesale, Foreign Trade and Services (BGA) warned that German companies continued to struggle with international logistics issues.

"Rising freight prices and a shortage of containers are making international business more difficult and driving up prices for all market players. The shortage of raw materials is also still giving companies a hard time," said Dirk Jandura, president of BGA, in a statement. Enditem

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