Press release No. 134 of 29 March 2022

Import prices, February 2022
+1.3% on the previous month
+26.3% on the same month a year earlier

Export prices, February 2022
+1.0% on the previous month
+12.4% on the same month a year earlier

WIESBADEN – As reported by the Federal Statistical Office (Destatis), the index of import prices increased by 26.3% in February 2022 compared with the corresponding month of the preceding year. In January 2022 and in December 2021 the annual rates of change were +26.9% and +24.0%, respectively. From January 2022 to February 2022 the index rose by 1.3%. As results do not relate to a reference date but the entire month, recent price developments due to the Russian attack on Ukraine did not have a marked impact on the result determined for February.

High price increase mainly caused by the development of energy price

In February 2022 energy imports were 129.5% more expensive than in February 2021. The largest influence on the year-on-year rate of energy price increase had natural gas with a plus of 256.5%, followed by crude oil with a plus of 70.3%.

The index of import prices, excluding crude oil and mineral oil products, increased by 23.3% in February 2022 compared with February 2021 and in comparison with January 2022 it rose by 0.3%.

The index of export prices increased by 12.4% in February 2022 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since December 1974 (+15.2% on December 1973). In January 2022 and in December 2021 the annual rates of change were +11.9% and +10.9%, respectively. From January 2022 to February 2022 the index rose by 1.0%.

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.