Press release No. 187 of 15 May 2023
March 2023
+6.7% on the same month a year earlier (provisional: +7.5%)
-1.4% on the previous month (provisional: -2.6%)
February 2023
+13.5% on the same month a year earlier (provisional: +15.8%)
-1.3% on the previous month (provisional: -0.3%)
January 2023
+16.6% on the same month a year earlier (provisional: +17.6%)
-2.1% on the previous month (provisional: -1.2%)
WIESBADEN - In March 2023, the producer prices of industrial products were up 6.7% from March 2022 (provisional: +7.5%), according to final data from the Federal Statistical Office (Destatis). The year-on-year change rate was +13,5% in February (provisional: +15.8%) and +16.+6% in January (provisional: +17.6%). The present results reflect the price developments in the energy sector and also account for the brake on electricity and gas prices, which has been effective since January 2023. A revision was needed, as energy suppliers had initially reported the prices without taking the brake into account. The adjusted values are now available.
In January and February 2023, the development of energy prices was still the biggest contributor to the year-on-year change in producer prices, while in March, price increases of non-durable consumer goods (especially food products) had the greatest impact.
In the period from January to March 2023, the development of energy prices was primarily responsible for the decrease in the producer price index compared with the previous month.
Further increase in energy prices compared with same month a year earlier, but month-on-month decrease
While energy prices disregarding the brake on prices were 32.2% higher on average in January 2023 than in January 2022, the increase including the price brake was +29.0%. In February 2023, energy prices were up 20.7% from February 2022 (provisional: +27.6%), and were 4.2% higher in March than a year earlier (provisional: +6.8%). Compared with the corresponding previous month, energy prices were down 7.9% on average in January 2023 (provisional: -5.6 %), 4.4% in February (provisional: -1.4%) and 4.7% in March (provisional: -7.6%).
In March 2023, price increases of natural gas (distribution) had the single biggest impact on the rate of change of energy prices year on year. Across all customer groups, natural gas prices were 14.4% higher in March this year compared to last, while electricity prices were down 2.1% from March 2022.
Methodological note
The index of producer prices of industrial products (domestic sales) measures the price changes of industrial products produced and sold at home by domestic enterprises of mining and quarrying, of manufacturing and energy and water supply. All charges and taxes on goods are included, apart from value-added tax. The index portrays price developments at the first levels of the value added chain. The reference day of the survey is the 15th of the reporting month.
The index of producer prices of industrial products (domestic sales) will be transposed to the new base year 2021 with the reporting month of January 2024. The first results related to the new base year will be published in March 2024.
Additional information
The statistical report on “Prices indices of industrial products (domestic market)" (only in German) includes the recent results. The statistical report replaces the former Fachserie 17 Reihe 2”.
Long time series on the overall index are available in the table “Producer price indices for industrial products (61241-0002)”. More detailed data can be found in the table “Producer price indices for industrial products (61241-0006)” in the GENESIS-Online database.
