Press release No. 025 of 20 January 2025
Producer prices of industrial products (domestic sales), December 2024
+0.8% on the same month a year earlier
-0.1% on the previous month
-1.8% on an annual average basis in 2024 compared with 2023
WIESBADEN – The producer prices of industrial products were 0.8% higher in December 2024 than in December 2023. In November 2024, the year-on-year change rate was +0.1%. The Federal Statistical Office (Destatis) also reports that producer prices in December 2024 dropped by 0.1% from November 2024. On an annual average basis, industrial producer prices were 1.8% lower in 2024 than in 2023. In 2023, the year-on-year change rate was +0.2% on an annual average.
In December 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 December 2024 were up 1.2% from the same month of the previous year and remained unchanged compared with November 2024.
Energy prices down year on year and month on month
Energy prices in December 2024 were down 0.2% from December 2023. Compared with November 2024, energy prices dropped by 0.4%. Lower prices for natural gas (distribution) had the biggest influence on the year-on-year rate of change for energy. Across all customer groups, gas prices declined by 5.6% from December 2023 (+0.2% from November 2024).
Electricity cost 1.3% less in December 2024 than in December 2023 across all customer groups. Compared with November 2024, electricity prices decreased by 1.6%.
Mineral oil products in December 2024 were 4.0% lower than in December 2023. Compared with November 2024, the prices of mineral oil products were up 0.3%. Heating oil cost 4.8% less than a year earlier (+2.8% compared with November 2024). Motor fuel prices fell by 3.9% (+0.8% from November 2024).
On the other hand, district heating cost 17.2% more than in December 2023; the prices remained unchanged compared with November 2024.
Price increases for capital goods, non-durable and durable consumer goods
Capital goods prices in December 2024 were 1.8% higher than a year earlier (unchanged compared with November 2024). Machinery cost 2.0% more than in December 2023. The prices of motor vehicles, trailers and semi-trailers increased by 1.4% from December 2023.
Non-durable consumer goods cost 2.6% more in December 2024 than in December 2023 (+0.2% on November 2024). Food prices were up 3.1% on December 2023. Compared with the same month of the previous year, butter prices were much higher (+40.9%; +2.1% on November 2024), and confectionery also cost considerably more (+24.4%; +0.6 % on November 2024). Beef was 15.9% more expensive than in December 2023 (+1.7% on November 2024). By contrast, lower prices than in the same month a year earlier were recorded in December 2024 especially for sugar (-32.6%), pork (-7.0%) and cereal flours (-6.3%).
Durable consumer goods cost 1.0% more in December 2024 than a year earlier (+0.1% on November 2024).
Slight price increase for intermediate goods compared with December 2023
Intermediate goods prices were 0.1% higher in December 2024 than a year earlier. Compared with the previous month, they were down 0.1%.
Price increases compared with December 2023 were observed, for example, for stone, gravel, sand, clay and kaolin (+4.2%), plaster products for construction purposes (+3.8%), electric transformers (+2.6%) and wiring and wiring devices (+1.1%).
Wood and products of wood and cork were 2.2% more expensive than in December 2023. Coniferous timber prices rose by 14.7% compared with December 2023. By contrast, the prices of non-coniferous timber were down 5.6% year on year. Particle boards cost 2.6% less than in the same month of the previous year.
The prices of metals were down 0.3% year on year, but were up 0.1% on the previous month. Basic iron, steel and ferro-alloys were 7.6% less expensive than in December 2023. Reinforcing steel was 1.5% less expensive year on year. By contrast, the prices of copper and semi-finished copper products were significantly higher (+6.4%) than in the same month a year earlier.
Basic chemicals (total) cost 0.7% less than in the same month of the previous year. The prices of glass and glass products were down 5.4% compared with the same month a year earlier, and prepared feeds for farm animals were 3.8% less expensive.
Changes in 2024 compared with 2023 on an annual average basis
The year-on-year decline in producer prices for industrial products, which amounted to 1.8% in 2024 on an annual average basis, was mainly due to the development of energy prices. These prices dropped by an average of 6.2% compared with the previous year. Natural gas (distribution) cost 13.3% less on an annual average basis in 2024 than in 2023, and electricity cost 10.3% less. The prices of mineral oil products were down 4.1% on an annual average basis compared with 2023.
When energy prices are excluded, producer prices in 2024 increased by 0.3% on a year earlier.
Intermediate goods prices decreased by an average of 1.2% in 2024 compared with 2023. This was mainly attributable to the price development for metals (-3.6%). Very large price decreases were recorded for pellets and briquettes made from sawing by-products (-29.0%), flat glass (-24.8%) and fertilisers and nitrogen compounds (-17.2%).
Capital goods cost 2.2% more in 2024 on an annual average basis than in 2023. The prices of durable consumer goods rose by 1.0%.
On average, non-durable consumer goods cost 1.1% more in 2024 than in 2023. Food prices were up 0.8% on 2023. Particularly sharp price increases were registered for butter (+26.6%) and for processed confectionery products (+20.1%). By contrast, the prices of cereal flours decreased by 13.7% and sugar prices by 4.3%.
Methodological notes:
The index 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.
