Germany’s Industrial Producer Price Index (IPPI) increased by 10.4pc in July compared to the same month last year while it was up by 1.9pc from June, according to Federal Statistical Office (Destatis).
Prices of intermediate goods rose by 15.6pc in July this year annually and were up by 2.3pc from June 2021. Metallic secondary raw material prices increased by 100.2pc and reinforcing steel bar prices grew by 81.5pc in July from the same year-ago month. Metal prices rose by 32.2pc in July from the same month last year. Prices of metallic steel, ferroalloys rose by 52.3pc while that of non-ferrous metals increased by 23.2pc annually.
The main reason for such increase in steel prices was mainly because of the increased demand in Germany and problems in the supply of raw materials and a sharp increase in iron prices and import prices, Destatis stated.
Prices of durable consumer goods in July increased by 2.2pc from the same month in 2020 and by 0.6pc from June this year. Capital goods such as machines and vehicles prices increased by 1.8pc in July from July 2020 and by 0.5pc from the previous month.
Prices of non-durable consumer goods saw a 1.8pc increase in July from last year while it remained unchanged from June this year.