Press release No. 172 of 20 April 2022
Producer prices of industrial products (domestic market), March 2022
+30.9% on the same month a year earlier
+4.9% on the previous month
WIESBADEN – In March 2022, the index of producer prices for industrial products increased by 30.9% compared with March 2021. As reported by the Federal Statistical Office this was the highest increase ever compared to the corresponding month of the preceding year. In February 2022 the index had increased by 25.9% and in January by 25.0%. Compared with the preceding month February 2022 the overall index rose by 4.9% in March 2022. These results should already contain first implications deriving from Russia’s attack on Ukraine.
Mainly responsible for the increase of producer prices compared to March 2021 still was the price increase of energy.
Strong increase in prices for all energy sources
Energy prices as a whole were up 83.8% compared to March 2021 and by 10.4% compared to February 2022. Mainly responsible for the high rise of energy prices were the strong price increases of natural gas (distribution) which was +144.8% on March 2021. Electricity prices rose by 85.1% and prices of mineral oil products by 61.3%, the later being up 25.8% on February 2022.
The overall index disregarding energy was 14.0% up on March 2021 (+2.3% compared to February 2022).
Significant price increase on intermediate goods, especially regarding metals, fertilisers, prepared feeds for farm animalsand wooden containers
Prices of intermediate goods increased by 23.3% compared to March 2021. Compared to February 2022 these prices were up 3.5 %. The highest impact on the price development of intermediate goods had the increase of metals’ prices, which were 39.7% up on March 2021. Prices of metallic steel and ferro-alloys increased by 55.0%. Prices of non-ferrous metals were up 30.3%. Prices of unwrought aluminium increased by 57.1% compared to March 2021 and by 9.1% compared to the previous month February 2022.
Especially high were the price increases of fertilisers and nitrogen compounds (+87.2 %). Compared to the preceding month February their prices rose by 13,1%. Prices of prepared feeds for farm animals increased by 45.7% from March 2021 (+19.0% compared to February 2022).
Prices of wooden containers were up 68.8% from March 2021, prices of sawn timber 57.5%. After a brief recovery at the beginning of the year, these prices here rose again (+8.8% compared to February 2022).
Compared to March 2021 prices of paper and paperboard were up 45.3%, here in particular prices of newsprint increased (+95.4%). Prices of corrugated paper and paperboard, which are important for the packaging industry, increased by 40.9%.
Prices of cereal flour rose by 33.6% compared to March 2022.
Growth in prices of non-durable consumer goods mainly due to increasing prices for preserved meat and meat products
Prices of non-durable consumer goods increased by 9.6% compared to March 2021 and rose by 2.9% compared to February 2022. From March 2021 to March 2022 food prices increased by 12.2%. Especially high was the price increase of crude vegetable oils (+72.3%), which were up 25.6% from February 2022. Butter prices rose by 56,0%. Prices of meat of bovine animals increased by 31.1% compared to March 2021, those of meat of swine by 12.0%. Coffee prices were up 20.5%.
Prices of durable consumer goods increased by 7.4% compared to March 2021, mainly caused by the price development of furniture (+9.4%).
Capital goods’ prices rose by 5.8%. This was the highest year-on-year change since December 1975 (+6.2%). The highest impact on the price development of capital goods had the increase of machine prices, which were 6.4% up on March 2021, followed by vehicels’ price development by +3.8%. Especially high were the price increases of metal structures (+24.7%), of parts of refrigeration and freezing equipment and heat pumps (+23.1%) as well as of parts and accessories of computing machines (+22.4%).
Additional information
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.
