On average, energy was 9.6 percent cheaper in November than in the previous month.
(Photo: dpa)
Berlin In the past two years, there has always been only one direction for the prices that producers pay for primary products such as raw materials and manufactured goods: upwards. But that is changing.
In November, producer prices fell for the second time in a row, by 3.9 percent. This was announced by the Federal Statistical Office on Wednesday, mainly due to the fall in the price of natural gas and electricity. Energy prices had already fallen by 10.4 percent in October compared to September 2022.
Producer prices are arguably the most important precursor to inflation. In the statistics, the prices are listed from the factory gate – even before the products are further processed or sold.
The latest data could now indicate that inflation has peaked. Economists justify this assessment by the fact that a third of the producer prices are reflected in the consumer prices, i.e. the inflation rate, with a delay.
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According to the Federal Statistical Office, natural gas cost 92.6 percent more than in November 2021. Prices increased by 114.0 percent for trade and commerce and by 100.1 percent for resellers.
>> Read here: All current developments in the energy crisis in the news blog
Across all consumer groups, electricity cost 74.9 percent more than in November 2021. Disregarding energy, producer prices were 12.7 percent higher than in November 2021 and fell by 0.2 percent compared to October 2022.
More: EU energy ministers agree on gas price cap.