Press release No. 449 of 20 October 2022
Producer prices of industrial products (domestic market), September 2022
+45.8% on the same month a year earlier
+2.3% on the previous month
WIESBADEN – In September 2022, the index of producer prices for industrial products increased by 45.8% compared with September 2021. As reported by the Federal Statistical Office (Destatis), this was the same increase compared with the same month of the previous year as in August. In July, the increase had been +37.2%. Compared with the preceding month, August 2022, the overall index rose by 2.3% in September 2022 and thus increased less strongly than in August (+7.9% compared to July 2022).
The rise in energy prices still was mainly responsible for the increase in producer prices compared to September 2021, due to the high weighting percentage combined with exceptionally high changes. Moreover, prices also rose significantly for intermediate goods (+16.8%) and capital goods (+7.8%) as well as for durable and non-durable consumer goods (10.9% and 18.3%, respectively).
Energy: industry pays more than three and a half times more for natural gas than a year earlier
Energy prices as a whole were up by 132.2% compared to September 2021. The strong rise in energy prices was mainly due to the large price increases for natural gas (distribution), which was up by 192.4%, and for electricity (+158.3%).
Electricity redistributors had to pay 259.8% more than in September 2021, special contract customers 148.9%. Prices for small commercial customers, who often conclude tariff-bound contracts, rose by 17.4%. Compared with August 2022, electricity prices increased by 3.5% for all customers.
Prices of natural gas (distribution) were up 192.4% on September 2021. Industrial consumers had to pay 264.8% more for natural gas than in the previous year. The prices paid by power plants were up by 233.1%, those for resellers by 199.9%. The prices for buyers of smaller quantities rose less strongly, but approximately doubled. Across all customer groups, natural gas became 6.6% more expensive compared to August 2022.
Prices of mineral oil products were up 42.9% on September 2021 and rose by 5.9% from August 2022. Prices of light heating increased by 84.4% compared to September 2021, those of motor fuels were up 38.6%.
The overall index disregarding energy was 14.0% up on September 2021 (+0.4% compared to August 2022).
Significant price increase for intermediate goods, especially regarding metals and chemical precursors
Prices of intermediate goods increased by 16.8% compared to September 2021. Compared to August 2022, these prices fell slightly by 0.1%. The price increase for intermediate goods compared with September 2021 was mainly due to the price development of metals (+18.1%). Compared to August 2022, these prices fell by 0.3%. Prices of metallic steel and ferro-alloys increased by 19.8% compared to September 2021. Prices of non-ferrous metals were up by 15.0% on September 2021.
Prices of basic chemicals, fertilisers and nitrogen compounds increased by 33.5% compared to September 2021. Especially high increases were observed in the prices of fertilisers and nitrogen compounds (+113.5 %). The price of ammoniac, which is used for the production of fertilisers, was up 208.7%.
Wood pellet prices increased by 144.3% from September 2021, prices of wood chips increased by nearly the same percentage (+144.5%). Prices of newsprint paper rose by 90.4%, those of cereal flour by 44.3%. Prices of prepared feeds for farm animals were up 34.7%.
Wood prices fell by 14.3% compared to September 2021, prices of metal secondary raw materials were down 9.0%.
Non-durable and durable consumer goods: large price increases for meat and milk products
Prices of non-durable consumer goods increased by 18.3% compared to September 2021 and rose by 1.3% compared to August 2022. From September 2021 to September 2022, food prices increased by 24.2%. Especially high price increases were observed for butter (+72.2% compared to September 2021), meat of swine (+46.3%), and cheese and curd (+39.7%). Crude vegetable oil prices rose by 35.7%. Coffee prices were up 32.0%.
Prices of durable consumer goods increased by 10.9% compared to September 2021, mainly as a result of the price development of furniture (+13.6%).
Capital goods’ prices rose by 7.8%. The highest impact on the price development of capital goods came from the increase in machine prices, which were up 9.1% on September 2021, followed by vehicle prices (+6.3%). Especially high price increases were observed for metal structures (+18.4%), and ventilators (+17.9%).
Additional information
Long time series on the overall index are available in table Producer price indices for industrial products (61241-0002), more detailed data in table Producer price indices for industrial products (61241-0006) in the GENESIS-Online database.
