Press release No. 196 of 20 April 2021
Producer prices of industrial products (domestic market), March 2021
+0.9% on the previous month
+3.7% on the same month a year earlier
WIESBADEN – In March 2021, the index of producer prices for industrial products increased by 3.7% compared with March 2020. This was the highest increase compared to the corresponding month of the preceding year since November 2011 (+4.6%), as reported by the Federal Statistical Office. Compared with the preceding month February 2021 the overall index increased by 0.9% in March 2021.
Mainly responsible for the increase of producer prices compared to March 2020 were the prices of energy and of intermediate products.
Increase in electricity prices causes rising energy prices
Energy prices as a whole increased by 8.0% compared to March 2020 and by 0.9% compared to February 2021. The price increase from March 2020 to March 2021 is mainly due to the increase of electricity prices (+9.6%), furthermore to the national CO2-pricing that has been introduced in January 2021 on several energy products. For example prices of natural gas sold to industrial consumers with an annual consumption of 116 300 MWh increased by 7.0% disregarding CO2-pricing, including CO2-pricing they rose by 18.2%.
The overall index disregarding energy was 2.4% up on March 2020.
Significant price increase on intermediate goods, especially regarding secondary raw materials, wood and metals
Prices of intermediate goods increased by 5.7% compared to March 2020. This was the highest price increase compared to the previous year since July 2011 (+5.8%). Compared to February 2021 these prices were up 1.6 %. Compared to March 2020 intermediate goods’ prices increased especially regarding metallic secondary raw material (+46.8%), prepared feeds for farm animals (+15.9%), sawn and planed wood (+13.9%) and metals (+12.9%). Prices of non-ferrous metals were up 17.9%, prices of basic iron, steel and ferro-alloys increased by 17.5%. The main reasons for the rise in steel prices are likely to be increasing demand in Germany and abroad, problems in the supply of raw materials and sharp price increases for iron ore. Only few prices of intermediate goods fell compared to March 2020, one of them being electronic components (-9.5%).
Prices of durable consumer goods increased by 1.4% compared to March 2020, capital goods, such as machines and vehicles, by 0.9%.
Decreasing prices for pork led to drop in prices of non-durable consumer goods
Prices of non-durable consumer goods decreased by 1.4% compared to March 2020 but increased by 0.9% compared to February 2021. Food prices decreased from March 2020 to March 2021 by 2.5%, mainly driven by price decreases of pork by 20.8%, however these prices increased from February to March 2021 by 13.3%. Prices of meat and poultry meat products were 8.8 % down compared to March 2020. By contrast, prices of butter increased by 8.6%, prices of sugar were up 13.2%.
| Year / month | 2015 = 100 | Change in % compared with | ||
|---|---|---|---|---|
| corresponding month of preceding year | preceding month | |||
| 2020 | March | 104.1 | -0.8 | -0.8 |
| April | 103.4 | -1.9 | -0.7 | |
| May | 103.0 | -2.2 | -0.4 | |
| June | 103.0 | -1.8 | 0.0 | |
| July | 103.2 | -1.7 | 0.2 | |
| August | 103.2 | -1.2 | 0.0 | |
| September | 103.6 | -1.0 | 0.4 | |
| October | 103.7 | -0.7 | 0.1 | |
| November | 103.9 | -0.5 | 0.2 | |
| December | 104.7 | 0.2 | 0.8 | |
| 2021 | January | 106.2 | 0.9 | 1.4 |
| February | 106.9 | 1.9 | 0.7 | |
| March | 107.9 | 3.7 | 0.9 | |
| thereof: | ||||
| Intermediate goods | 109.4 | 5.7 | 1.6 | |
| Capital goods | 106.5 | 0.9 | 0.1 | |
| Durable consumer goods | 108.2 | 1.4 | 0.1 | |
| Non-durable consumer goods | 107.5 | -1.4 | 0.9 | |
| Energy | 107.7 | 8.0 | 0.9 | |
Long time series on the overall index are available in table Producer price indices for industrial products (61241-0002), more detailed data in table Producer price indices for industrial products (61241-0006) in the GENESIS-Online database
