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German PPI highest since records began - driven by energy

GERMAN DATA
  • That is the highest Y/Y and M/M print since the series began in 1949 with energy prices the driver - with a high weighting of energy prices in the index.
  • Energy prices were up +139%Y/Y / 20.4%M/M with energy prices for energy suppliers up 278% Y/Y.
  • This saw input goods, capital goods, consumer goods sub-indexes also rise (in part as a result).
  • Recall that energy prices were at a peak at the end of August - and have since fallen back a lot. So this may not be a sustained rise (unless energy prices spike higher again).
  • Bund futures down 25 ticks on the release to a low of 142.23 on the day.
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