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Market Update: German Wholesale Inflation Hits Record High
Wholesale prices in Germany increased 9.7 percent year-on-year in May of 2021, the biggest rise since the series began in 2010, following a 7.2 percent gain in April, amid a low base effect from last year. Main upward pressure came from cost of petroleum products (45.8 percent). Big increases were also seen for scrap and residual materials (64.6 percent); ores, metals and semi-finished metal products (41.2 percent); grain, raw tobacco, seeds and animal feed (22.9 percent) and chemical products (11.4 percent). In contrast, downward pressure came from prices of computers, equipments, software (-4.7 percent), communication equipment (-3.5 percent) and other office machinery and equipment (-1.0 percent). On a monthly basis, wholesale prices advanced 1.7 percent, accelerating from a 1.1 percent growth in April. source: Federal Statistical Office [/s2If]
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