Skyrocketing Energy Costs for German Producers Causes a Surge in Prices

Germany’s Federal Statistics Office (Destatis) reported on Oct. 20 that, due to rising energy costs, the price of produced goods surged upwards in September by 45.8%. Combined with the August surge of 43.5%, it reported: “August and September 2022 were therefore the highest increases in producer prices compared to a month in the previous year have been measured since the survey began in 1949.” It added that the main reason was rising energy costs, with electricity costs up 259.8% over a year ago.