Germany's wholesale prices up 15.2%, highest since 1974

By Ovunc Kutlu

ANKARA (AA) - Germany's wholesale prices rose 15.2% in October, compared to the same month last year, marking the highest annual increase since March 1974, the Federal Statistical Office Destatis said Friday.

The figure came in at 13.2% in September and 12.3% in August, according to Destatis.

The annual rate in March 1974 was 15.8%, shortly after the global oil crisis when OPEC imposed an embargo on western economies.

"The high rates of change for wholesale prices in annual comparison derive from increased prices for raw materials and intermediate products," Destatis said in a statement.

"The largest impact on the year-on-year price rate in wholesale trade had the increased prices for mineral oil products with 54.7%," it added.