By Ovunc Kutlu
ANKARA (AA) - Germany's producer prices in November rose at the fastest annual rate in 70 years, according to the Federal Statistical Office (Destatis) data released on Friday.
The index of producer prices for industrial products increased by 19.2% in November, from the same month a year ago.
"This was the highest increase compared to the corresponding month of the preceding year since November 1951," Destatis said in a statement.
The index rose by 0.8% in November, from the previous month, it added.
Destatis said the main factor behind the historic rise was the price increase in energy.
"Energy prices as a whole were up 49.4% compared to November 2020 and by 1.2% compared to October 2021," it said.
While natural gas prices in November increased 83.4% annually, electricity prices were up 48% from the same month of last year.