Germany’s producer price index for industrial products rose by 8.5pc in June compared to June last year and was up by 1.3pc from may this year, according to the Federal Statistical Office of Germany (DeStatis).
Prices of intermediate goods increased by 12.7pc in June on an annual basis and by 1.8pc from the previous month. This annual increase was mainly attributed to 88.1pc increase in prices of metallic secondary raw material and and 62.3pc increase in prices of reinforcing steel bars in June this year.
Overall metal prices in Germany rose by 26.3pc, Destatis reported with prices of metallic steel and fero alloys increasing by 41.9pc and non-ferrous metals seeing a 25.1pc rise in prices in June compared to the same month last year.
The main increase in metal prices was because of shortness in supply in Germany and abroad which led to 83.6pc increased import prices for iron ore in May this year.