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Record rise of 33.6% in German industrial prices in May

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Last May, Germany’s industrial production price index (PPI) posted a record 33.6% year-on-year increase, up a tenth from April and after March’s 30.9% surge, which marked the largest increase since the start of the historical series in the year 1949, according to the Federal Statistical Office (Destatis).

“That was the highest increase in history compared to the corresponding month of the previous year,” said the Federal Statistical Office.

In May, energy prices rose 87.1% yoy on higher natural gas prices (+148.1%), while electricity prices rose 90.4% and oil-derived products prices rose 55.8%.

Likewise, compared to May 2021, heating oil prices rose by 96% and motor fuels by 49.4%.

On the other hand, intermediate goods prices increased by 25.1% compared to May 2021, including a 38.1% increase in metal costs and particularly large price increases for fertilizers and nitrogenous compounds, whose prices increased by 110.9%.

Paper and cardboard prices have also increased by 52.3% compared to May 2021. Cereal flour prices, for their part, rose by 44.8%.

Consumer discretionary prices rose 14.7% year-on-year, including a 19.2% increase in food prices.

The price increase for butter was particularly high by 80.2%, while crude vegetable oils increased by 68.4% compared to May 2021. Beef prices increased by 42.9% and pork by 24.1%.

In turn, consumer durables prices increased by 9.4% compared to May 2021, mainly due to the development of furniture prices (+11.9%).

Capital goods also rose in price by 7.1%, the highest year-on-year increase since October 1975. The biggest influence on the development of capital goods prices was the increase in the prices of machines (8.3%), followed by the development of vehicle prices (4.9%).

Source europapress.es

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