Germany's producer prices increased by 45.8% year-on-year in August, hitting a historically high level.

Iran PressEurope: According to Federal Statistical Office Destatis' data, the monthly producer inflation was also at a record level with 7.9% in August.

The office said energy was the main reason for high inflation in the country.

"Prices also rose significantly for intermediate goods (+17.5%) and capital goods (+7.8%) as well as for durable and non-durable consumer goods (10.9% and 16.9%, respectively)," it added.

Europe has been hit the hardest, having the highest increase in energy prices, some of the highest inflation rates and the biggest risk of recession.


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