Price hike for raw materials sets a record since the last century oil crisis

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Prices of raw materials and building materials rose by 14.2 percent in September in Germany compared to the same period last year. The Federal bureau of Statistics Destatis reports Wednesday. According to the agency, this is the largest annual increase for producers since the 1974 oil crisis.

In 1974 prices rose by 14.5% in October compared with a year earlier. In the year 2021, German industry also suffered mainly from the increased energy price, which rose 32.6 percent in September. The 58.9 percent higher gas price was the main cause of this. In addition, due to the strongly recovering global demand, more must be paid for semi-finished products such as wood and metals.

Moreover, annual price increases have accelerated. In July, 10.4 percent more was paid for raw materials and building materials, and in August, prices were already 12 percent higher.

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Leah Kunze

Leah Kunze just graduated MBA and is proud of it. She is interested in automotive industry and innovations. She well be glad to receive a mail to [email protected]

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