German Wholesale Price Inflation Rises

(RTTNews) - Germany's wholesale price inflation increased in July on higher energy prices, data published by Destatis showed on Friday.

Wholesale price inflation accelerated to 5.3 percent in July from 4.9 percent in June.

The price increase registered in July was largely attributable to the conflict in Iran and the Middle East, which resulted in higher wholesale prices of energy products and raw materials, in particular.

On a monthly basis, wholesale prices gained 0.2 percent, reversing a 0.7 percent fall in June. Prices were expected to grow 0.4 percent.

Mineral oil product prices posted surged 24.1 percent from the last year. Due to the discontinuation of the temporary reduction in the energy tax rate on petrol and diesel fuel with effect from July 1, mineral oil product prices climbed 4.0 percent from June, data showed.