Increase of 37.2% compared to the same month of the previous year in July
Producer prices of industrial products rose 37.2 percent from July 2021 to July 2022, according to the Federal Statistical Office (Destatis). This would be the highest increase compared to the previous year since the survey began in 1949, Destatis reported.
Producer prices were 5.3 percent higher in July 2022 compared with June 2022, also revealing an increase record compared to the previous month since the survey began, according to the agency’s press release.
Energy prices more than doubled
According to Destatis, the price development for energy continues to be particularly responsible for the increase compared to the previous year in commercial producer prices.
Thus, energy prices in July 2022 were on average 105 percent higher than in the same month of the previous year. As Destatis explains, natural gas in distribution, up 163.8 percent compared with July 2021, and electric power, up 125.4 percent, had the highest impact on the rate of change in producer prices compared to the previous year.
In addition, prices for intermediate goods (+19.1 percent), capital goods (+8.0 percent), and durable and non-durable goods (+10.9 percent and +16.2 percent, respectively) also increased significantly.