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German stocks fell on Friday as an energy-supply crunch continued to batter the region, raising worries about a possible recession. <\/p>\n
Inflation worries remained in focus after data showed Germany’s producer price inflation accelerated unexpectedly to a new record high in July, primarily driven by higher energy costs.<\/p>\n
Producer prices grew 37.2 percent year-over-year in July, well above the 32.7 percent surge in June, Destatits reported. <\/p>\n
Economists had forecast inflation to ease slightly to 32.0 percent. This was the highest annual increase since the survey began in 1949.<\/p>\n
The upward trend in July was largely caused by a 105.0 percent jump in energy prices amid soaring natural gas and electricity costs.<\/p>\n
On a monthly basis, producer prices increased at a faster rate of 5.3 percent in July, after a 0.6 percent gain in the previous month. Prices were expected to increase at a steady pace of 0.6 percent.<\/p>\n
The benchmark DAX dropped 104 points, or 0.8 percent, to 13,593 after rising half a percent the previous day. <\/p>\n<\/p>\n<\/div>\n