German industrial products producer prices index up 17.8% YoY in Jan

19 Feb '23

2 min read

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The index of producer prices for industrial products in Germany increased by 17.8 per cent year on year (YoY) in January this year, according to the Federal Statistical Office (Destatis). The price rise at the producer level slowed down for the fourth time in succession. In December and November last year, the increases had been 21.6 per cent and 28.2 per cent respectively.

Compared with the December 2022, the overall index decreased by 1 per cent in January this year, Destatis said in a release based on the preliminary results of its survey.

The reason is the price brake on electricity and natural gas which is valid from January 2023 but will be realised only starting in March 2023. Prices rose significantly for non-durable consumer goods, intermediate goods, durable consumer goods and capital goods as well.

The development of energy prices is the main reason behind the decrease of producer prices on a monthly basis.

Energy prices in the month as a whole were up 32.9 per cent compared to January 2022. Mainly responsible for the high rise of energy prices were the strong price increases of natural gas (distribution) and of electricity.

Compared with December 2022, energy prices fell by 5 per cent in January this year, mainly caused by the decrease of prices for electricity.

Fibre2Fashion News Desk (DS)

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