German producer price inflation quickened to its highest rate in nearly 24 years in May amid rising metal costs, data showed today.
Producer prices climbed by 6.2 per cent year-on-year, keeping the annual inflation rate at its highest level since June 1982 for a fourth month in a row, the Federal Statistics Office said.
But, for the first time in months, the gain in prices was less than expected.
The mid-range prediction of economists polled by Reuters last week was for a 6.4 per cent year-on-year increase in prices. May was the first time in nine months that this forecast was undershot. In April, prices rose by 6.1 per cent on the year.
On the month, prices rose by 0.1 per cent. The poll had forecast a month-on-month gain of 0.3 per cent.
A breakdown of the office's data showed that although oil prices eased slightly on the month, there was a sharp increase in the cost of non-ferrous metals.
Excluding energy, prices rose by 0.4 per cent from the previous month and by 2.3 per cent on the year.
Month-on-month, prices of non-ferrous metals rose by 9.4 per cent. By contrast, the cost of mineral oil products fell by 0.9 per cent, and of electricity by 2.4 per cent.