Germany’s construction material prices hit the highest level in 73 years, according to the Federal Statistical Office Destatis on Thursday.

“On an annual average in 2021, the producer price increase for individual building materials such as timber and steel was larger than ever since the survey was first conducted in 1949,” it said in a statement.

“Prices were up 77.3% for solid construction timber, 65.1% for roof battens and 61.4% for construction timber compared with the average of the previous year,” it added.

The producer price index in Germany for industrial products was up 10.5% on an annual average in 2021, compared to the previous year.

The annual inflation rate in Germany is expected to be 4.9% in January, according to Destatis.

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