Prices up again in biggest jump since 1980s

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German wholesale prices have risen by almost ten per cent in the last year, making basic home supplies and fuel an increasingly large financial burden

Berlin -- German wholesale prices soared in July, rising 9.9 per cent on the year on the back of higher fuel costs, the official statistics office reported from Wiesbaden.

The rise was the strongest in the indicator since November 1981. Over the month, wholesale prices rose 1.4 per cent.

German wholesale prices have been rising sharply in recent months. The indicator showed an annual increase of 8.9 per cent in June and 8.1 per cent in May.

Fuels and mineral oil products saw a price rise of 30.8 per cent on the year and as much as 6.2 per cent on the month of August.

The general increase in global commodity prices was reflected in a rise of 15.7 per cent on the year in prices for iron, steel, other base metals and semi-finished metals products.

Grains, seeds and animal feeds were up 18.2 per cent on the year, while fruit and vegetable prices also rose strongly.

Dairy products, eggs, cooking oils and fats, as well as coffee, tea and cocoa, saw price rises of around 13 per cent.

While crude oil prices fell in early August, hostilities in the southern Caucasus in recent days have propelled crude upwards again.


1 Comment To This Article

  • Roy Ormond posted:

    on 12th August 2008, 20:44:44 - Reply

    Oh, the joys of capitalism! The situation in Germany echoes the state of affairs in Britain. And we have a social democratic! government. Though here in GB we can spend billions on 'defence' - aircraft carriers, nuclear weapons, the list is endless. Plus we can fight foreign wars at the behest of the USA.