Hyperinflation Ticker Reveals German Producer Prices Up 31%, Czech Inflation at 13%
April 20, 2022 (EIRNS)—The German statistical bureau has published the producer price index for March 2022: up 30.9% on average year-on-year. The largest component is energy with an 83.8% increase: natural gas is 144.8% more expensive than in March 2021, electricity is up 85.1%, and heating oil rose by 130.8%. All such costs will be transferred soon to consumer prices, which have already hit most goods: vegetable oil is up 72.3%, butter rose 56% over March 2021.
The situation in the Czech Republic is similar. Annual inflation in March stood at 12.7% year-on-year, compared to 11.1% in February—the highest since 1998, which was at 13%. In March fuel prices rose 50% compared to the same month in 2021. Electricity prices rose by 24.7% and natural gas by 37.7%. Food prices also rose dramatically: flour 30.3%, milk powder 20.1%, butter 31.9%, and potatoes 21.4%.