Press release No. 302 of 28 June 2021

Import prices, May 2021
+1.7% on the previous month
+11.8% on the same month a year earlier

Export prices, May 2021
+0.7% on the previous month
+4.2% on the same month a year earlier

WIESBADEN – As reported by the Federal Statistical Office (Destatis), the index of import prices increased by 11.8% in May 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since October 1981 (+13.6%). In April 2021 and in March 2021 the annual rates of change were +10.3% and +6.9%, respectively. From April 2021 to May 2021 the index rose by 1.7%.

High price increase mainly caused by the energy price development

In May 2021 Energy imports were twice as expensive as in May 2020. This high rate of annual change derives from the very low prices in May 2020. The largest influence on the year-on-year rate of energy price increase had crude oil with a plus of 135.0%.

The index of import prices, excluding crude oil and mineral oil products, increased by 8.0% in May 2021 compared with May 2020 and in comparison with April 2021 it rose by 1.4%.

The index of export prices increased by 4.2% in May 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since March 2011 (+4.4%). In April 2021 and in March 2021 the annual rates of change were +3.3% and +2.2%, respectively. From April 2021 to May 2021 the index rose by 0.7%.

Crisis monitor allows comparison between corona crisis and and financial and economic crisis

The import prices are also part of the "Crisis monitor" (www.destatis.de/krisenmonitor), which is used by the Federal Statistical Office to compare the development of major short-term indicators between the corona crisis and the financial and economic crisis of 2008/2009. The "Crisis monitor" complements the "Corona statistics" webpage (www.destatis.de/corona), which has provided statistical information on the economic and social consequences of the corona pandemic since early April.

More detailed data and long time series are available in tables Index of import prices (61411-0002) and Index of export prices (61421-0006) in the GENESIS-Online database.