Producer prices peak in Germany

The German Federal Statistical Office (Destatis) has announced the Industrial Products Producer Price Index (Industry PPI) data for December 2021.

Producer prices in Germany at 24.2 percent in December, the highest since 1949

INDUSTRIAL PRODUCTS MANUFACTURER PRICE INDEX INCREASED 24.2 PERCENT
Industrial PPI in Germany increased by 5 percent compared to November last month and by 24,2 percent compared to December 2020.

"The December increase was the highest annual increase since 1949, when PPI statistics began to be recorded," Destatis said in a statement. it was said.

In December, the Industrial PPI exceeded the market expectations for an annual increase of 19.4 percent. Industrial PPI recorded the highest annual increase since November 1951, with an increase of 19.2 percent in November.

ENERGY PRICES INCREASED 69 PERCENT
According to the data, energy prices rose 69 percent in December compared to the same period of the previous year. Electricity prices increased by 74.3 percent and natural gas distribution prices increased by 121.9 percent.

In December, an annual increase of 19.3 percent was observed in intermediate goods prices, 3.7 percent in durable consumer goods and 3.8 percent in capital goods prices.

It is noteworthy that vegetable oil prices were 54.5 percent more expensive than the previous year, while the increase in paper and cardboard prices was 30.3 percent. Coffee prices also increased by 10.6 percent.

INDUSTRIAL PPI EXCEPT ENERGY PRICES LOWER INCREASE
Industrial PPI rose 10.4 percent year-on-year in December, excluding energy prices.

Meanwhile, the Industrial PPI, which averaged minus 1 percent annually in 2020, the first year of the coronavirus epidemic, rose to an average of 10.5 percent in 2021. It is noteworthy that energy prices increased by 24.8 percent on an annual basis, while the increase in oil prices was 27.6 percent and the increase in vegetable oil prices was 35.9 percent.