German S&P Global Composite Flash PMI (May) 54.6 vs. Exp. 54.0 (Prev. 54.3)

Business confidence towards the outlook remains subdued, with heightened uncertainty, sharply rising prices and supply chain disruption all starting to impact demand and representing risks to the outlook in the goods-producing sector in particular.
Turning to prices, May’s flash data pointed to the continuation of historically sharp inflationary pressures across the German economy,with businesses once again hiking their charges for goods and services as they looked to offset the higher cost of energy, fuel,raw materials and personnel.
“Although the survey’s gauges of business costs and output prices ticked down from April’s record highs, they remained historically elevated and pointed to acute inflationary pressures across the economy, with the high cost of transportation, energy and commodities in general continuing to work their way through supply chains.”