GERMAN JULY PPI 2.0% M-o-M, 8.9% Y-o-Y; ANNUAL RATE AT 26yr HIGH
Surging energy prices pushed German producer price growth to record levels in July, with the annual inflation rate hitting the highest level since Oct-81. The m-o-m rate of 2.0% shattered the 0.7% estimate, and was more than double the 0.9% reading in June. The annual inflation rate of 8.9% exceeded both the 7.6% forecast and June’s 6.7%. PPI ex-energy grew at an annual rate of 3.6%, which compares to 3.0% in June.