Germany Producer Prices of Industrial Products-April 2022

23 May 2022

Highest producer price increase since data collection started in 1949.

Producer prices of industrial products (domestic market), April 2022

In April 2022, the index of producer prices for industrial products increased by 33.5% compared with April 2021. As reported by the Federal Statistical Office this was the highest increase ever compared to the corresponding month of the preceding year. In March 2022 the index had increased by 30.9% and in January by 25.9%. The overall index rose by 2.8% in April 2022 month on month.  These results also contain implications deriving from Russia’s attack on Ukraine.
Mainly responsible for the increase of producer prices compared to April 2021 still was the price increase of energy.

Energy prices as a whole were up 87.3% compared to April 2021 and by 2.5% compared to March 2022. Mainly responsible for the high rise of energy prices were the strong price increases of natural gas (distribution) which was +154.8% on April 2021. Power plants had to pay four times as much as one year before (+307.0%). Industrial consumers’ prices were up 259.9%, those of resellers 170.0%.

Electricity prices rose by 87.7%. Redistributors had to pay 157.3% more than in April 2022, special contract customers 85.6%.

Prices of mineral oil products were up 53.9% from April 2021, but fell by 4.6% from March 2022. Prices of light heating oil were up 102.1% compared to April 2021, those of motor fuels 46.6%.

The overall index disregarding energy was 16.3% up on April 2021 (+3.0% compared to March 2022).

Prices of intermediate goods increased by 26.0% compared to April 2021. Compared to March 2022 these prices were up 4.1 %. The highest impact on the price development of intermediate goods had the increase of metals’ prices, which were 43.3% up on April 2021. Prices of metallic steel and ferro-alloys increased by 59.8%. Prices of non-ferrous metals were up 32.8%.  Prices of reinforcement steel increased by 79.0% compared to April 2021, unwrought aluminium by 58.5%.

Especially high price increases were recorded for fertilisers and nitrogen compounds whose prices more than doubled (+111.7 %). Compared to the preceding month March their prices rose by 14,5%.

Prices of wooden containers were up 75.0% from April 2021, those of industrial gases 66.4%. Prices of prepared feeds for farm animals increased by 52.8%, prices of sawn timber by 52.3%.

Compared to April 2021 prices of paper and paperboard were up 52.7%, here in particular prices of newsprint increased (+111.9%). Prices of corrugated paper and paperboard, which are important for the packaging industry, increased by 41.0%.

Prices of cereal flour rose by 39.1% compared to April 2021 (+5.0% compared to March 2022).

Growth in prices of non-durable consumer goods mainly due to increasing prices for preserved meat and meat products

Prices of non-durable consumer goods increased by 13.2% compared to April 2021 and rose by 3.9% compared to March 2022. From April 2021 to April 2022 food prices increased by 17.3%. Especially high was the price increase of butter (+70.9% compared to April 2021 and +11.4% compared to March 2022). Prices of crude vegetable oils were up 70.0% from April 2021. Prices of meat of bovine animals increased by 41.6% compared to April 2021, those of meat of swine by 22.1%. Coffee prices were up 30.8%.

Prices of durable consumer goods increased by 8.3% compared to April 2021, mainly caused by the price development of furniture (+10.5%).

Capital goods’ prices rose by 6.7%. This was the highest year-on-year change since October 1975 (+6.8%). The highest impact on the price development of capital goods had the increase of machine prices, which were 7.6% up on April 2021, followed by vehicles’ price development by +4.9%. Especially high were the price increases of metal structures (+26.1%), of parts of refrigeration and freezing equipment and heat pumps (+25.2%) as well as of parts and accessories of computing machines (+19.5%).

Source:  Federal Statistical Office of Germany
Post by: Republic of Turkiye Ministry of Trade