Germany has logged a considerable hike in wholesale prices in September. Fresh statistical data reveal the jump has been mainly due to fuel and mineral oil products becoming more expensive, adding to inflation fears. Price pressures in the German wholesale trade increased markedly in September, the National Statistics Office (Destatis) reported on Wednesday. All in all, wholesale goods and commodities were 4.2 percent more expensive than in the same month last year, the Destatis survey showed. It thus marked the biggest jump since November 2011, after prices rose by only 3.1 percent in August of this year. The report indicated that the surge was first and foremost a result of increasing prices fur fuel and mineral oil products, which soared by 11.3 percent year-on-year. The increase in prices for crops, seeds, raw tobacco and fodder was even more pronounced at 15.4 percent, with meat product prices also adding to inflation pressures. Growth incentives versus reduced inflation Declining prices for some metals, ores as well as for coffee, tea and spices were not able to offset the price hikes in other areas. Wholesale prices are widely seen as an early indicator for developments in the retail sector and hence for inflation. According to preliminary data, Germany posted 2.0-percent inflation in September while the crisis-stricken euro area as a whole logged a 2.7-percent price hike. The European Central Bank (ECB) last week decided to hold its historically low refinancing interest rate steady at 0.75 percent in a bid to encourage lending to private households and companies. Raising the benchmark rate would have had the opposite effect, but would have lowered inflation pressures in the 17-member single currency bloc.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor