Producer prices of industrial products in Germany up 34.5% YoY in Oct

22 Nov '22

2 min read

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Producer prices of industrial products in Germany increased by 34.5 per cent in October this year compared with the same month last year, according to the Federal Statistical Office (Destatis), which recently said the price increase at the producer level slowed down. In August and September, the rate of increase had been 45.8 per cent each.

Producer prices decreased by 4.2 per cent in October this year over September figures. This was the first month-on-month decrease since May 2020.

The main reason for the year-on-year (YoY) increase in producer prices of industrial products still was the development of energy prices. This was due to the large weight of energy prices in the overall index, combined with exceptionally high price changes.

Moreover, prices also rose significantly for non-durable consumer goods, intermediate goods, durable consumer goods and capital goods, one of the reasons being the increasing energy prices, Destatis said in a release.

Energy prices were up by an average of 85.6 per cent in October compared with the same month last year. The main factor influencing the year-on-year rate of change in energy prices was the strong price increases for natural gas (distribution), followed by electricity price rises.

Compared with September 2022, energy prices fell by an average 10.4 per cent, which was mainly caused by the decrease of electricity and natural gas prices (distribution).

Fibre2Fashion News Desk (DS)

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