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

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