Press release No. 038 of 31 January 2023
Import prices, December and year 2022
+12.6% on the same month a year earlier
-1.6% on the previous month
+26.3% on an annual average in 2022 compared to 2021
Export prices, December and year 2022
+10.6% on the same month a year earlier
+0.1% on the previous month
+14.6% on an annual average in 2022 compared to 2021
WIESBADEN – Import prices were 12.6% higher in December 2022 than in December 2021. The Federal Statistical Office (Destatis) reports that the rate of increase has slowed down. The year-on-year rate of change had been +14.5% in November 2022 and +23.5% in October 2022. Compared with November 2022, import prices were down by 1.6% in December 2022. This was the fourth decrease in a row.
In 2022 the annual average index of import prices was 26.3% higher than the average index of 2021 (2021: +13.5% compared with 2020). The year-on-year-change in 2022 has been the highest since 1974 (+28.7% on 1973).
Year-on-year price increase mainly due to high energy prices, though most month-on-month energy prices fell
The increase in year-on-year import prices continued to be mainly due to the rise in energy import prices. In December 2022, energy imports were 34.1% more expensive than in December 2021, but showed significant price decreases for almost all types of energy compared with November 2022 (-5.6%). The year-on-year increase was still mainly due to the price increases for imported natural gas (+45.5%). Mineral oil products, with a plus of 28.4%, and crude oil, up 18.4%, were also more expensive than in December 2021. The prices of almost all other energy products increased compared with December 2021, but decreased compared with November 2022. In contrast, electricity prices increased by 11.6% compared with December 2021, but rose by 40.8% from the previous month.
On an annual average in 2022 energy imports were 111.2% above the level of a year earlier, mainly because of natural gas with +178.6%, mineral oil products with +74.8 and crude oil with +57.8%, compared to 2021.
The index of import prices, excluding crude oil and mineral oil products, increased by 11.8% in December 2022 compared with December 2021 and fell by 0.5% in comparison with November 2022. On an annual average in 2022 it was 23.3% above the level of a year earlier.
Increases in the prices of intermediate and capital goods as well as energy prices pushing up export prices
The index of export prices was 10.6% higher in December 2022 than in December 2021. In November 2022 and October 2022, the year-on-year rate of change had been +11.6% and +13.1%, respectively. Compared with November 2022, average export prices were slightly up by 0.1% in December 2022.
The price increase in December 2022 in comparison with December 2021 was mainly due to the development of intermediate goods. Exports of intermediate goods were 12.1% more expensive than in December 2021 (-0.4% compared with November 2022).
Energy exports were 33.4% more expensive than in December 2021 (+7.1% compared with November 2022). The year-on-year increase in energy export prices was mainly due to the increase in natural gas prices, with a plus of 51.9% (+12.8% on November 2022), and in mineral oil product prices, with a plus of 28.0% (-11.6% on November 2022).
Capital goods prices increased by 7.0% compared with December 2021 (-0.2% on November 2022). The price development of capital goods was mainly influenced by machinery prices, which were up by 9.0% on December 2021, followed by motor vehicle prices (+6.2%).
On an annual average the index of export prices increased by 14.6% in 2022 compared with 2021. The year-on-year-change in 2022 has been the highest since 1974 (+16.9% on 1973). The price increase in 2022 in comparison with 2021 was mainly due to the price development of intermediate goods with a plus of 17.4%. Intermediate goods account for about one third on the total export price index. Energy prices were 114.2% above the level of a year earlier.
Import price indices are also available in the Dashboard Germany (www.dashboard-deutschland.de). This data portal of the Federal Statistical Office combines up-to-date indicators of official statistics and from other data providers on the topics of economy and finance as well as health and mobility. A tool also available there is the Economic Pulse Monitor (Pulsmesser für die Wirtschaft). It can be used for real-time monitoring of the economic development.
More detailed data and long time series are available in the 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.
