Data hasn’t factored in the Russia-Ukraine conflict
© Getty Images / Sean Gallup / Staff
Factory gate costs in Germany saw a record surge in February, soaring by 25.9% year-on-year mostly due to energy prices, according to the latest data revealed by the Federal Statistics Office (FSO).
Data shows that the unprecedented growth in production costs, which is commonly a leading indicator for consumer prices, was the biggest since 1949.
The latest figures continued a stretch of never-seen increases since the office began records, having outpaced December and January’s numbers of 24.2% and 25% respectively. Producer prices also registered a jump of 1.4% from the previous month.
According to the FSO, the latest report did not take into account the effects of the military conflict between Russia and Ukraine.