Press release No. 550 of 20 December 2022
Producer prices of industrial products (domestic market), November 2022
+28.2% on the same month a year earlier
–3.9% on the previous month
WIESBADEN – In November 2022, the index of producer prices for industrial products increased by 28.2% compared with November 2021. As reported by the Federal Statistical Office the price increase on producer level slowed down for the second timein succession. In October the increase had been +34.5% and in September +45.8%. Compared with the preceding month October 2022 the overall index decreased by 3.9% in November 2022. That was the second time in a row that prices declined significantly compared with a month earlier (–4.2% October 2022 on September 2022).
Mainly responsible for the increase of producer prices compared to November 2021 still was the price increase of energy, due to the high weighting percentage combined with exceptionally high changes. Moreover, prices also rose significantly for non-durable consumer goods, intermediate goods, durable consumer goods and capital goods.
Also for the decrease of producer prices on a monthly basis the development of energy prices is the main reason.
High increase on energy prices
Energy prices as a whole were up 65.8% compared to November 2021. Mainly responsible for the high rise of energy prices were the strong price increases of natural gas (distribution) and of electricity.
Compared with the previous month October 2022 energy prices fell by 9.6%, mainly caused by the decrease of prices for natural gas followed by that for electricity.
Prices of natural gas (distribution) were up 92.6% on November 2021. For trade and commerce prices increased by 114.0%, for resellers by 100.1%. Industrial consumers had to pay 53.0% more for natural gas than one year before. Power plants’ prices were up 43.9%. Across all customer groups, prices of natural gas were down 11.8% compared to October 2022, mainly caused by price decreases for large customers.
The price for electricity across all customer groups rose by 74.9% compared to November 2021. Electricity redistributors had to pay 117.2% more than in November 2021, special contract customers 61.6%. Prices rose for small commercial customers who often conclude tariff-bound contracts by 21.0%, for private households by 19.5%. Compared with the previous month October prices for electricity fell considered across all customer groups by 9.2%. Large customers had to pay less than in October 2022, but small customers had to pay more.
Prices of mineral oil products were up 21.8% from November 2021 and fell by 7.9% from October 2022. Prices of light heating increased by 51.3% compared to November 2021 (–16.9% on October 2022), those of motor fuels were up 18.8% (–7.5% on October 2022).
The overall index disregarding energy was 12.7% up on November 2021 (–0.2% compared to October 2022).
Growth in prices of non-durable consumer goods mainly due to increasing food prices
Prices of non-durable consumer goods increased by 18.5% compared to November 2021 and slightly rose by 0.2% compared to October 2022. From November 2021 to November 2022 food prices increased by 24.2%. Especially high was the price increase of sugar (+54.8% compared to November 2021). Prices of meat of swine rose by 42.5%, of cheese and curd by 40.2% and of butter by 37.1%. Milk prices were up 34.7%, coffee prices 25.2%.
Significant price increase on intermediate goods, especially regarding metals and wood
Prices of intermediate goods increased by 13.8% compared to November 2021. Compared to October 2022 these prices fell by 0.7 %. A great impact on the price increase from November 2021 of intermediate goods had the price development of metals which was +12.8%. Compared to October 2022 these prices fell by 1.8%. Prices of metallic steel and ferro-alloys increased by 16.1% compared to November 2021.
Prices of wood chips increased by 146.0% from November 2021, prices of wood pellets nearly were up 126.7%. Prices of newsprint paper rose by 84.9%, those of cereal flour by 39.2%. Prices of prepared feeds for farm animals were up 26.8%.
Prices of basic chemicals, fertilisers and nitrogen compounds increased by 26.0% compared to November 2021. Especially high were the price increases of fertilisers and nitrogen compounds (+74.9 %). Prices for ammoniac which is used for the production of fertilisers was up 64.6%.
Timber prices fell by 16.0% compared to November 2021, prices for secondary raw materials were down 18.1%.
Prices of durable consumer goods increased by 11.1% compared to November 2021, mainly caused by the price development of furniture (+13.3%).
Capital goods’ prices rose by 7.8%. The highest impact on the price development of capital goods had the increase of machine prices, which were 10.0% up on November 2021, followed by vehicles’ price development by +5.7%. Especially high were the price increases of dish washing machines of the industrial type (+24.0%) and of turbines (+20.4%).
More 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.
