By CountingPips.com
German producer inflation increased by more than expected and for a seventh straight month in October, according to data released today by the German Federal Statistical Office. The German producer price index increased by 0.4 percent in October following a rise by 0.3 percent in September as energy prices rose in the eurozone’s largest economy.
The annual rate of producer inflation registered an increase of 4.3 percent over the October 2009 level following September’s annual increase of 3.9 percent and marked the largest annual increase since November 2008 when annual producer prices rose by 4.7 percent.
Energy prices pushed inflation higher with an advance of 0.7 percent in October and with a 7.2 percent year-over-year rise.
The monthly and annual inflation rates were above market forecasts that were expecting a monthly rise of 0.3 percent and an annual rise of 4.1 percent in October.
Core producer prices, excluding energy, increased by 0.2 percent in October and by 3.1 percent on an annual basis.