Press release No. 442 of 20 September 2021
Producer prices of industrial products (domestic market), August 2021
+1.5% on the previous month
+12.0% on the same month a year earlier
WIESBADEN – In August 2021, the index of producer prices for industrial products increased by 12.0% compared with August 2020. As reported by the Federal Statistical Office this was the highest increase compared to the corresponding month of the preceding year since December 1974 (+12.4%), when prices rose strongly during the first oil crisis. Compared with the preceding month July 2021 the overall index rose by 1.5% in August 2021.
Mainly responsible for the increase of producer prices compared to August 2020 were the prices of energy followed by intermediate products.
Strong increase in prices for all energy sources
Energy prices as a whole were up 24.0% compared to August 2020 and by 3.3 compared to July 2021. Mainly responsible for the high rise of energy prices were the strong increase regarding natural gas (distribution).
The overall index disregarding energy was 8.3% up on August 2020.
Significant price increase on intermediate goods, especially regarding wood, secondary raw materials and metals
Prices of intermediate goods increased by 17.1% compared to August 2020. Compared to July 2021 these prices were up 1.4 %. Compared to August 2020 intermediate goods’ prices increased especially regarding sawn timber (+124%) and metallic secondary raw materials (+104%) as well as wooden packaging materials (+89.4%) and reinforcing steel in bars (+87.2%). Metal prices were up 34.9% compared to August 2020. Prices of metallic steel and ferro-alloys increased by 58.0%, prices of non-ferrous metals were up 23.0%. Also in August the main reasons for the rise in steel and wood prices are likely to be increasing demand in Germany and abroad, problems in the supply of raw materials and sharp increases of import prices for iron ore (+109% from July 2020 to July 2021). Also prices for basic chemicals showed a strong plus compared to August 2020 (+20.0%). Only few prices of intermediate goods fell compared to August 2020, one of them being wood in chips and particles (-15.9%).
Prices of durable consumer goods increased by 2.8% compared to August 2020, mainly caused by the price development of furniture (+3.9%). Prices of capital goods, such as machines and vehicles, rose by 2.4% (+0.6% compared to July 2021), mainly driven by the price development of metal structures and parts of structures (+13.9%) and of tanks, reservoirs and containers of metal (+9.1%).
Growth in prices of non-durable consumer goods mainly due to increasing prices for oils and fat
Prices of non-durable consumer goods increased by 2.1% compared to August 2020 and rose by 0.2% compared to July 2021. From August 2020 to August 2021 food prices increased by 2.6%. Prices of crude vegetable oils were up 38.3%, butter prices rose by 16.4%. By contrast, pork prices were down 3.1% and processed potatoes 2.1%.
| Year / month | 2015 = 100 | Change in % compared with | ||
|---|---|---|---|---|
| corresponding month of preceding year | preceding month | |||
| 2020 | 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 | |
| April | 108.8 | 5.2 | 0.8 | |
| May | 110.4 | 7.2 | 1.5 | |
| June | 111.8 | 8.5 | 1.3 | |
| July | 113.9 | 10.4 | 1.9 | |
| August | 115.6 | 12.0 | 1.5 | |
| thereof: | ||||
| Intermediate goods | 120.3 | 17.1 | 1.4 | |
| Capital goods | 108.3 | 2.4 | 0.6 | |
| Durable consumer goods | 110.1 | 2.8 | 0.5 | |
| Non-durable consumer goods | 109.1 | 2.1 | 0.2 | |
| Energy | 122.1 | 24.0 | 3.3 | |
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
