Press release No. 457 of 29 September 2021
Import prices, August 2021
+1.4% on the previous month
+16.5% on the same month a year earlier
Export prices, August 2021
+0.7% on the previous month
+7.2% on the same month a year earlier
WIESBADEN – As reported by the Federal Statistical Office (Destatis), the index of import prices increased by 16.5% in August 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year change since September 1981 (+17.4% on September 1980). In July 2021 and in June 2021 the annual rates of change were +15.0% and +12.9%, respectively. From July 2021 to August 2021 the index rose by 1.4%.
High price increase mainly caused by energy price development
In August 2021 energy imports were 93.6% more expensive than in August 2020. The largest influence on the year-on-year rate of energy price increase in August 2021 had natural gas with a plus of 177.5% and crude oil with a plus of 63.6%.
The index of import prices, excluding crude oil and mineral oil products, increased by 13.8% in August 2021 compared with August 2020 and in comparison with July 2021 it rose by 1.6%.
The index of export prices increased by 7.2% in August 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since September 1981 (+7.3% on September 1980). In July 2021 and in June 2021 the annual rates of change were +6.3% and +5.0%, respectively. From July 2021 to August 2021 the index rose by 0.7%.
Crisis monitor allows comparison between corona crisis and and financial and economic crisis
The import price index is also part of the "Crisis monitor", which is used by the Federal Statistical Office to compare the development of major short-term indicators between the corona crisis and the financial and economic crisis of 2008/2009. The "Crisis monitor" complements the "Corona statistics" webpage, which has provided statistical information on the economic and social consequences of the corona pandemic since early April.
More detailed data and long time series are available in tables Index of import prices (61411-0002 and 61411-0006) and Index of export prices (61421-0002 and 61421-0006) in the GENESIS-Online database.
