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Germany: Producer prices in December 2021 +24.2% on December 2020

Christian Fernsby |
In December 2021, the index of producer prices for industrial products increased by 24.2% compared with December 2020.

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Topics: GERMANY   

As reported by the Federal Statistical Office this was the highest increase ever compared to the corresponding month of the preceding year. Compared with the preceding month November 2021 the overall index rose by 5.0% in December 2021.

Mainly responsible for the increase of producer prices still was the price increase of energy.

Energy prices as a whole were up 69.0% compared to December 2020 and by 15.7% compared to November 2021. Mainly responsible for the high rise of energy prices were the strong price increases of natural gas (distribution) which was +121.9% on December 2020 and electricity (+74.3%).

The overall index disregarding energy was 10.4% up on December 2020.

Prices of intermediate goods increased by 19.3% compared to December 2020. Compared to November 2021 these prices were up 0.9 %. The highest impact on the price development of intermediate goods had the increase of metals’ prices, which were 36.1% up on December 2020. Prices of metallic steel and ferro-alloys increased by 54.4%. Prices of non-ferrous metals were up 24.5%.

Especially high were the price increases of secondary raw materials (+69.1%), of wooden containers (+66.9%) and of fertilisers and nitrogen compounds (+63.5 %), whose prices rose by 13.8% compared to the previous month November 2021. Prices of sawn timber were up 61.5%, but fell compared to the previous month for the fourth time in succession.

Compared to December 2020 prices of corrugated paper and paperboard, which are important for the packaging industry, increased by 41.3%, prices of paper and paperboard were up 30.3%. Prices of prepared feeds for farm animals rose by 26.8% and of cereal flour by 21.5%.

Prices of non-durable consumer goods increased by 4.7% compared to December 2020 and rose by 0.8% compared to November 2021. From December 2020 to December 2021 food prices increased by 6.4%. Especially high was the price increase of crude vegetable oils (+54.5%). Butter prices rose by 48.1% (+7.6% compared to November 2021). Beef prices increased by 18.8% compared to December 2020, coffee prices by 10.6%.

Prices of capital goods, such as machines and vehicles, rose by 3.8%. Especially high was the price increase of parts and accessories of computing machines (+18.5%) and of metal structures and parts of structures (+17.9%). Prices of durable consumer goods increased by 3.7% compared to December 2020, mainly caused by the price development of furniture (+4.9%).

In 2021, the annual average index of producer prices for industrial products increased by 10.5% compared to the average index of 2020. In 2020 it had been down 1.0% on 2019.

The development of energy prices had the greatest impact on the development of the annual average of the total index due to its high rate of change in combination with its high weighting factor. Energy prices were up 24.8% on the annual average of 2020 (2020 compared to 2019: -4.0%). In 2021 natural gas prices (distribution) rose by 41.7%, prices of petroleum products by 27.6% and electricity prices by 25.1%.

Disregarding energy, producer prices increased by 6.1% compared to 2020 (unchanged in 2020 compared to 2019).

Prices of intermediate products rose by 12.5% compared to 2020 (-1.5% in 2020 compared to 2019). The price increase of metals (+25.4%) had the greatest impact on that development. Prices of metallic secondary raw materials were up 69.3%. Sawn timber prices rose by 52.5%, prices of wooden containers by 49.8% and those of prepared feeds for farm animals by 19.3%.

Prices of durable consumer goods increased by 2.3% compared to 2020, capital goods by 2.0%.

Prices of non-durable consumer goods increased by 1.1%, food prices were up 1.1% as well. Especially high was the price increase of crude vegetable oils (+35.9%). Butter prices were up 17.6%, sugar prices 10.3%. By contrast, pork prices fell by 11.1%.


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