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German business   Producer prices rose 0.7%

German producer prices rise 2.4% on year in January

German producer pricesGerman producer prices accelerated in January, hitting the highest annual rate in almost five years.

Producer prices rose 0.7% in January from December and increased 2.4% on the year, the federal statistics office Destatis said.

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READ MORE German producer prices rise most since December 2011

The annual producer price index rose at its highest rate since March 2012 when it rose by 2.6%, Destatis said.

In December, producer prices rose by 0.4% on the month and by 1.0% on the year.

Excluding energy prices, producer prices increased by 0.6% on the month and rose by 1.8% on the year, Destatis said.

Energy prices remained the key driver of producer prices in January, as they increased by 1.1% from the previous month and by 4.0% in annual comparison.

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