GERMAN import prices rose the fastest in 40 years last month, driven by a jump in the price of oil and gas, and supply chain bottlenecks for raw materials worsened further, pointing to a further rise in prices for consumers.

Import prices jumped 16.5 percent in August from a year earlier, the Federal Statistics Office said yesterday, which was above economists’ forecasts for a 16.1 percent increase and up from 15 percent in July.

The August increase was the steepest rise since September 1981, when the second oil crisis pushed prices up by 17.4 percent.

The price of energy imports was up 93.6 percent in August compared with a year earlier, mainly due to a strong rise in the price of natural gas, the Statistics Office said.

The price of many raw materials rose steeply as well. Iron ore cost 96.8 percent more in August, and the price of sawn and planed wood was up 61.6 percent, and basic iron, steel and ferro-alloys were up by 57.7 percent.

At the same time, supply chain bottlenecks affecting German companies worsened further, a survey published by the Ifo institute yesterday showed.

Some 77.4 percent of German industrial firms reported difficulties procuring intermediates and raw materials this month. Among car companies, that figure was at 97 percent, Ifo said.

“There are many orders, but firms can’t produce them right now,” Ifo economist Klaus Wohlrabe said. As a result, more firms are now planning to increase prices, Ifo said. (SD-Agencies)