Price increase of 32.7 percent
In June 2022, producer prices of industrial products increased by 32.7 percent compared to the same month last year. As reported by the Federal Statistical Office (Destatis), the year-on-year price increase had again weakened. In May of this year, the price increase compared to the same month last year was still 33.6 percent.
The main reason for this was rising energy prices. Prices for energy increased by about 86.1 percent compared to June 2021, with natural gas prices in particular rising by 141.1 percent and electric power by 93.3 percent.
Increases in the price of intermediate goods
There were also significant price increases for intermediate goods, which rose by 22.3 percent compared with the previous year. By contrast, they fell by 0.6 percent compared with the previous month. Metals increased in price by 33.6 percent.
Within metals, prices for pig iron, steel and ferroalloy increased by 42.0 percent. Non-ferrous metals and related semi-finished products increased in price by 24.7 percent compared with the previous year.
Fertilizers and nitrogen compounds also increased significantly by 104.4 percent compared to the previous year. In addition, prices for paper and cardboard rose by 51.2 percent. Newsprint paper became 102.5 percent more expensive.
Prices for consumer goods, durables and capital goods on the rise
In June 2022, consumer goods became 14.7 percent more expensive than a year earlier. Food prices in particular rose by 19.0 percent. Butter saw a large price increase of 74.8 percent.
Prices for consumer durables were also 10.5 percent more expensive in June 2022 than a year earlier. Here, prices for furniture in particular rose by 13.4 percent.
The increase in the price of capital goods was 7.4 percent. According to Destatis, the last time there was such a high year-on-year change was in September 1975. Machinery increased in price by 8.7 percent.