German producer prices at record high amid Ukraine war; IMF/World Bank meetings under way – business live

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Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets. In Germany, factory gate prices jumped 30.9% in the year to March, the biggest increase since records started in 1949, according to the Federal Statistics Office. This reflects the impact of the war in Ukraine for the first time, with surging energy costs the main culprit. The worry is that increases in producer prices will feed through into consumer prices and push inflation even higher.

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