Press release No. 486 of 20 December 2024
Producer prices of industrial products (domestic sales), November 2024
+0.1% on the same month a year earlier
+0.5% on the previous month
WIESBADEN – The producer prices of industrial products were 0.1% higher in November 2024 than in November 2023. This was the first year-on-year increase recorded since June 2023 (+1.2% on June 2022). In October 2024, the year-on-year change rate stood at -1.1%. The Federal Statistical Office (Destatis) also reports that producer prices in November 2024 were up 0.5% on October 2024.
In November 2024, higher capital goods prices were the main reason for the year-on-year increase in producer prices. Non-durable consumer goods, durable consumer goods and intermediate goods were also more expensive than in the same month of the previous year, while energy was less expensive. When energy prices are excluded, producer prices in November 2024 were up 1.3% from the same month of the previous year and were down 0.1% compared with October 2024.
Price increases for capital goods, non-durable and durable consumer goods
Capital goods prices in November 2024 were 1.9% higher than a year earlier (unchanged compared with October 2024). Machinery cost 2.0% more than in November 2023. The prices of motor vehicles, trailers and semi-trailers increased by 1.4% from November 2023.
In November 2024, non-durable consumer goods were 2.4% more expensive than in November 2023 (+0.4% on October 2024), while food cost 2.8% more than a year earlier. Compared with the same month of the previous year, butter prices were much higher (+42.9%; +2.3% on October 2024), and confectionery also cost considerably more (+23.9%; +3.9% on October 2024). Beef was 16.5% more expensive than in November 2023 (+4.7% on October 2024). By contrast, lower prices than in the same month a year earlier were recorded in November 2024 especially for cereal flours (-7.7%) and pork (-6.4%).
Durable consumer goods cost 0.9% more in November 2024 than a year earlier (unchanged from October 2024).
Slight price increase for intermediate goods
Intermediate goods prices were 0.4% higher in November 2024 than a year earlier. Compared with the previous month, they were down 0.3%.
Price increases compared with November 2023 were observed, for example, for stone, gravel, sand, clay and kaolin (+4.4%), plaster products for construction purposes (+4.4%), electric transformers (+3.3%) and wiring and wiring devices (+1.7%).
Wood and products of wood and cork were 2.0% more expensive than in November 2023. Coniferous timber prices rose by 16.4% compared with November 2023. By contrast, the prices of non-coniferous timber were down 5.9% year on year. Particle boards cost 4.2% less than in the same month of the previous year.
The prices of metals remained unchanged both year on year and compared with the previous month. The prices of copper and semi-finished copper products rose by 8.3% on November 2023. By contrast, the prices of basic iron, steel and ferro-alloys were significantly lower (-7.4%) than in the same month a year earlier. Bar steel was 5.9% less expensive year on year.
Basic chemicals (total) cost 1.6% less than in the same month of the previous year. The prices of glass and glass products were down 4.8% compared with the same month a year earlier, and prepared feeds for farm animals were 4.1% less expensive.
Energy prices down year on year, but up month on month
Energy prices in November 2024 were 2.4% lower than in November 2023. Compared with October 2024, however, energy prices were up 1.8%. Lower prices for mineral oil products had the biggest influence on the year-on-year rate of change for energy. Mineral oil product prices dropped 8.6% from November 2023, and were up 1.0% compared with October 2024. Heating oil was 13.2% less expensive than in November 2023 (+1.2% on October 2024). Motor fuels cost 8.4% less than a year earlier (+0.4% on October 2024).
Across all customer groups, natural gas prices declined by 7.5% from November 2023 and were up 1.1% on October 2024. In November 2024, electricity cost 3.1% less than in November 2023 but was 4.0% more expensive than in October 2024, across all consumer groups.
Rebasing the producer price index for industrial products
The producer price index for industrial products was rebased to 2021 as of reference month January 2024. As a general rule, the base year is changed every five years. The recalculation of the producer price index relies on a weighting scheme that is based on the domestic sales of industrial products in 2021 and is used for weighting the subindices in the calculation of the overall index.
When the base year was changed, all indices as of January 2021 were recalculated, taking account of the new weighting scheme. The price indices determined using the old base of 2015 are therefore no longer valid. More information on the rebasing of the producer price index for industrial products (only in German) is available in the "Revisionen in der Preisstatistik" (only in German) section on the "Preisstatistik im Überblick" (only in German) page of the Federal Statistical Office’s website.
Methodological notes:
The producer price index for industrial products measures the development of prices for products produced and sold in Germany by the mining and quarrying, manufacturing, and energy and water supply sectors. All charges and taxes on goods are included, except value-added tax. The index therefore reflects price developments at an early stage of the economic process. The 15th of each reference month is the survey reference date.
More information:
The statistical report (only in German) on producer price indices of industrial products (domestic sales) also includes the latest results. Long time series for the overall index are also available in the table on producer price indices for industrial products (61241-0002) and for sub-indices in the table on producer price indices for industrial products (61241-0004) in the GENESIS-Online database.
Information on CO₂ pricing under the Fuel Emission Allowance Trading Act is provided on the "Producer price index for industrial products" page.
Producer prices of industrial products are also available on Dashboard Germany at www.dashboard-deutschland.de (only in German). In this data portal, the Federal Statistical Office brings together up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, the labour market, construction, housing, energy and Ukraine. The portal also contains the Economic Pulse Monitor (only in German) tool for real-time economic monitoring.
Important information regarding the GENESIS-Online database:
After leaving the beta phase, our database's new user interface has been available as the main interface version since 5 November 2024. The new interface offers faster data retrieval and intuitive table search and customisation options. There have also been changes to the structure of the machine-readable flat file (CSV) format and the data output format for table downloads. For further details and other important information on the release, please see the info page of the new GENESIS-Online database.
