Producer prices have recently risen significantly.
(Photo: dpa)
Berlin Natural gas, electricity, oil: In December, German manufacturers raised their prices more than ever before because of expensive energy. Producer prices for commercial products rose by an average of 25.0 percent. “This was the strongest increase compared to the same month last year since the survey began in 1949,” said the Federal Statistical Office on Monday. In December, the value was still 24.2 percent.
The development indicates that consumers will have to brace themselves for persistently high price increases in the coming months. Because the producer prices are considered a precursor for the development of inflation.
In the statistics, the prices are listed from the factory gate – even before the products are further processed or sold. They can thus give an early indication of the future development of consumer prices.
The Ifo Institute expects an average inflation rate of four percent in the current year – it would be the highest since 1993 and again significantly more than 2021 with 3.1 percent.
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According to the statisticians, the main reason for the high producer prices was again energy. At the beginning of the year, it rose by an average of 66.7 percent. Natural gas cost 119 percent more than in January 2021, electricity two-thirds and light heating oil 55.6 percent more. Excluding energy, producer prices were a total of 12.0 percent above the previous year’s value.
Intermediate goods cost a good fifth more than a year ago. Metals rose here by 36.9 percent. The prices for pig iron, steel and ferroalloys climbed particularly strongly at 51.5 percent. Very high increases were also recorded for secondary raw materials made of paper and cardboard (plus 72.7 percent), packaging materials made of wood (plus 65.7 percent) and fertilizers and nitrogen compounds (plus 67.4 percent).
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