Inflation: producer prices are rising faster than they have been in 70 years

The price increase in Germany is getting stronger.

In October, the prices manufacturers receive for their goods rose more than they have been in 70 years.

The Federal Statistical Office announced on Friday in Wiesbaden that producer prices had risen by 18.4 percent compared to the same month last year.

This is the strongest increase since November 1951. Also compared to the previous month, producer prices increased significantly by 3.8 percent.

Analysts' expectations were clearly exceeded.

There were sharp price increases for energy, which was 48.2 percent more expensive than a year ago.

Compared to the previous month alone, energy prices rose by a good 12 percent.

Natural gas was 81.4 percent more expensive than a year earlier, while electricity was almost 50 percent more expensive.

In addition to energy, many intermediate goods such as metals and wood were much more expensive.

This is the result of numerous tensions in the international trade in goods, most of which can be traced back to the corona pandemic.