Press release No. 038 of 28 January 2022
Import prices, December and year 2021
+0.1% on the previous month
+24.0% on the same month a year earlier
+13.5% on an annual average in 2021 compared to 2020
Export prices, December and year 2021
+1.0% on the previous month
+10.9% on the same month a year earlier
+5.6% on an annual average in 2021 compared to 2020
WIESBADEN – As reported by the Federal Statistical Office (Destatis), the index of import prices increased by 24.0% in December 2021 compared with the corresponding month of the preceding year. In November 2021 and in October 2021 the annual rates of change were +24.7% and +21.7%, respectively. From November 2021 to December 2021 the index slightly rose by 0.1%.
In 2021 the annual average index of import prices was 13.5% higher than the average index of 2020 (2020: -4.3% compared with 2019). The year-on-year-change in 2021 has been the highest since 1981 (+13.7% on 1980).
High price increase mainly caused by energy price development
In December 2021 energy imports were 135.0% more expensive than in December 2020. The largest influence on the year-on-year rate of energy price increase had natural gas with a plus of 267.5 followed by crude oil with a plus of 65.3%.
The index of import prices, excluding crude oil and mineral oil products, increased by 21.4% in December 2021 compared with December 2020 and in comparison with November 2021 it rose by 0.6%.
On an annual average in 2021 it was 10.9% above the level of a year earlier.
The index of export prices increased by 10.9% in December 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since December 1974 (+15.2% on December 1973). In November 2021 and in October 2021 the annual rates of change were +9.9% and +9.5%, respectively. From November 2021 to December 2021 the index rose by 1.0%.
On an annual average it increased by 5.6% in 2021 compared with 2020. The year-on-year-change in 2021 has been the highest since 1981 (+5.8% on 1980).
Crisis monitor allows comparison between corona crisis and and financial and economic crisis
The import price index is also part of the "Crisis monitor", 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, 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 61411-0006) and Index of export prices (61421-0002 and 61421-0006) in the GENESIS-Online database.
