German annual producer price inflation topped 30% in March, the country's Federal Statistics Office said on Wednesday. That's its highest level since the agency began collecting data 73 years ago.
It is one of first signs of the huge impact Russia's invasion of Ukraine is having on the German economy, Europe's biggest. Producer prices rose by nearly 5% between February and March alone.
German consumer price inflation is already at a 41-year high, hitting 7.3% last month. Energy prices were the main contributor, up almost 40% from the previous month. According to the International Energy Agency, the country relies on Russia for about 46% of its consumption. An abrupt break with its biggest supplier would likely trigger rationing and inflict severe damage on its energy-intensive manufacturing sector.
Post by: Republic of Turkiye Ministry of Trade