Germany's wholesale prices up 18.9% in August

By Gokhan Ergocun

ISTANBUL (AA) - Wholesale prices in Germany soared by 18.9% year-on-year in August, according to official data released on Thursday, easing from an annual rate of 19.5% in the previous month.

The Federal Statistical Office (Destatis) said on Thursday that the annual increase in wholesale prices has been weakening slightly for the fourth month in a row.

The higher prices in August stemmed from raw materials and intermediate products, it stressed.

The price increase in wholesale of petroleum products (54.3%) had the greatest impact, it added.

Destatis said wholesale of solid fuels increased by 99.2%, milk, milk products, eggs, cooking oils and fats by 41.8%, chemical products by 40.6%, and grain, raw tobacco, seeds and animal feed by 38.0%.

The wholesale prices were also slightly up by 0.1% on a monthly basis.