German wholesale prices rise at record pace in March
BERLIN, April 12– Selling prices in German wholesale trade in March rose by 22.6 percent year-on-year, marking the highest annual rate of change since the start of the data series in 1962, the Federal Statistical Office said on Tuesday. In addition, the results would also include initial implications of the Russia- Ukraine conflict. Sanctions on Russia were “…
BERLIN, April 12 (Xinhua) — Selling prices in German wholesale trade in March rose by 22.6 percent year-on-year, marking the highest annual rate of change since the start of the data series in 1962, the Federal Statistical Office (Destatis) said on Tuesday.
March also recorded the highest ever monthly increase in wholesale prices, increasing 6.9 percent month-on-month.
Wholesale prices for mineral oil products, rising 70.2 percent, had the largest impact on the annual rate of change, according to Destatis. High price increases of solid fuels as well as metals and metal ores also contributed to this development.
“The high rates of change for wholesale prices mainly derive from increased prices for raw materials and intermediate products,” Destatis noted. In addition, the results would also include initial implications of the Russia-Ukraine conflict.
Sanctions on Russia were “affecting supply chains in a region crucial for transportation between Asia and Europe,” said Carsten Taucke, member of the executive committee of the Federation of German Wholesale, Foreign Trade and Services (BGA) last week.
The affected supply chains led to “significant cost increases” due to the need to switch to alternative routes or means of transport, Taucke added. Enditem
ANA NEWS WIRE Disclaimer:
The African News Agency (ANA) is a news wire service and therefore subscribes to the highest standards of journalism as it relates to accuracy, fairness and impartiality.
ANA strives to provide accurate, well sourced and reliable information across Text, Images and Video. Where errors do appear, ANA will seek to correct these timeously and transparently.
The ANA platform also contains news and information from third party sources. ANA has sought to procure reliable content from trusted news sources but cannot be held responsible for the accuracy and opinions provided by such sources on the ANA platform or linked sites.
The content provided for on the ANA News Wire platform, both through the ANA news operation and via its third party sources, are for the sole use of authorised subscribers and partners. Unauthorised access to and usage of ANA content will be subject to legal steps. ANA reserves its rights in this regard.
ANA makes every effort to ensure that the website is up and running smoothly at all times, however ANA does not take responsibility for, and will not be held liable for times when the website is temporarily unavailable due to technical issues that are beyond our control.