On average, private consumers had to pay 41.9 percent more for premium petrol and 62.6 percent for diesel than a year earlier.
(Photo: dpa)
Berlin Natural gas, butter, coffee: German companies raised their prices at record speed after the start of the war in Ukraine. Producer prices for industrial products rose by an average of 30.9 percent in March compared to the same month last year, the Federal Statistical Office announced on Wednesday. This is the strongest increase since the survey began in 1949.
“The current data are already reflecting the first effects of the war in Ukraine,” the statisticians said. Economists surveyed by the Reuters news agency had only assumed 28.2 percent. In February, the rate was 25.9 percent.
This is bad news for consumers in Germany. Retailers are likely to pass some of the price increases on to end consumers, driving inflation further. At 7.3 percent in March, this was the highest it had been in 40 years.
The current increase could be reflected particularly clearly in inflation. “Companies will pass on the higher costs to consumers to a greater extent,” says Alexander Kriwoluzky, head of macroeconomics at the German Institute for Economic Research (DIW). This is currently easier for them because price increases can currently be communicated simply based on the tense world situation.
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In the statistics, the prices are listed from the factory gate – even before the products are further processed or sold.
Energy and food significantly more expensive
According to the statisticians, the main reason for the sharp rise in producer prices was once again energy. It rose in March by an average of 83.8 percent. Natural gas cost 144.8 percent more than in March 2021, electricity 85.1 and light heating oil 130.8 percent more. If you exclude energy, producer prices were only 14 percent above the previous year’s value.
However, there were also significant price increases for other goods. Metals gained nearly 40 percent. Packaging made of wood has increased in price by 68.8 percent within a year.
Vegetable oil in particular increased in consumer goods. The increase was 72.3 percent compared to the previous year. In relation to February, the price rose by 25.6 percent. Butter cost 56 percent more than in March 2021. Beef was 31.1 percent more expensive.
Fuel price increases higher than in the 1970s
High energy prices are already having a historical impact on consumers. They had to pay an average of 41.9 percent more for premium petrol and 62.6 percent for diesel than a year earlier, as the Federal Statistical Office also announced on Wednesday.
“There have rarely been such high price increases for heating oil and fuels in Germany before,” the statisticians say. Similar developments have so far only been observed in connection with the two oil crises of 1974 and 1980 and the financial market and economic crisis of 2008/2009. “However, in none of these crises has the year-on-year increase in consumer fuel prices been higher than in March 2022.”
with agency material
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