German producer price gains accelerate in May

Producer price gains in the Eurozone's largest economy accelerated in May on the back of higher gasoline prices.

According to the German Ministry of Finance, the year-on-year rate of factory gate inflation jumped from a 2.0% clip in April to 2.7% for May.

Economists had pencilled-in a rise of 0.4% month-on-month and 2.6% year-on-year.

Petroleum products registered the largest increase in prices, rising by 12.5%, alongside a 8.0% jump in those for electricity.

Elsewhere, prices for intermediate goods were up by 2.6%, those of durable consumer goods by 1.6% and those of capital goods by a further 1.2%.