German wholesale price index up 10.6% y/y in January

German wholesale price index up 10.6% y/y in January

BERLIN (Reuters) – Germanys wholesale price index rose in January compared with the same month last year, according to data released on Tuesday.

Wholesale prices increased by 10.6% on the year, the federal statistics office reported. Wholesale price growth peaked in April, with a 23.8% year-on-year increase.

High wholesale prices were driven mainly by increased prices for food, beverages and tobacco, which posted a 16.2% year on year increase in January.

The prices of solid fuels and mineral oil products also had a large impact on the annual rate of change, rising 13.1% year-on-year, according to the statistics office.

Compared with December 2022, the index saw a slight rise in January, up 0.2%.

The office offers more detailed economic data on its website.

(Reporting by Maria Martinez and Miranda Murray, editing by Kirsti Knolle)

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