German wholesale price inflation at 27-year high

German wholesale price inflation at 27-year high
Photo: DPA
German wholesale prices rose in July faster than they have in 27 years, the Federal Statistics Office said on Monday.

Wholesale prices leapt 9.9 percent last month over July 2007, the fastest inflation since November 1981 when prices rose 10 percent year on year.

Compared to the month of June, wholesale prices rose 1.4 percent, the office said.

A 31 percent increase in the price of fuel and oil since the start of the year are primarily responsible for the surging inflation.

The cost of grains and animal feed has risen 18 percent so far this year, while metals have risen nearly 16 percent. Inflation has also hit food prices, which have risen more than 10 percent since December 2007.