Germany's producer prices in January highest since 1949

Germany's producer prices in January increased at its highest annual rate since 1949, according to the Federal Statistical Office on Monday.

The index of producer prices for industrial products jumped by 25.0% in January, from the same period of last year, Destatis said in a statement.

On a monthly basis, the index increased by 2.2% in January.

The main reason behind the historic rise was the price increase in energy, according to Destatis.

"Energy prices as a whole were up 66.7% compared to January 2021 and by 1.3% compared to December 2021," the statement said.

While price increase of distributed natural gas was 119% on an annual basis, it was 66.7% for electricity prices and 32.9% for mineral oil products.

Consumer prices in Germany showed an annual gain of 4.9% in January, from the same period of last year.