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German PPI surges to fresh 70-yr high

GERMAN DATA
MNI (London)
  • German producer prices came in slightly below forecasts, but still surging 19.2% y/y in Nov, up from last month’s 18.4% y/y jump which was then the strongest increase since 1951.
  • On the month, producer prices grew 0.8%, slowing the pace from October’s reading of 3.8%.
  • Alarmingly high energy prices are the key culprit, soaring 49.4% y/y in November (1.2% m/m).
  • Core PPI was 9.9% y/y in November, with intermediate goods price inflation hitting 19.1% y/y for the month, largely on the back of metal prices.

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