Germany's producer prices of services soar 9% in Q1

By Ovunc Kutlu

ANKARA (AA) - Producer prices of services in Germany soared 9% in the first quarter, compared to the same period last year, the Federal Statistical Office (Destatis) announced Friday.

Producer prices increased 1.1% in the January-March period from the October-December period last year.

Annual inflation, based on the consumer price index, rose 7.9% in May from the same month last year, rising for a third consecutive month and marking its highest annual gain since 1974, Destatis said Tuesday.

The price of heating oil jumped 94.8% annually in May, while natural gas prices increased 55.2% and motor fuel prices rose 41%, according to Destatis.