Berlin As a result of the war in Ukraine, German manufacturers once again raised their prices at record speed in May. Producer prices increased by an average of 33.6%. “This was the biggest increase compared to the same month last year since the survey began in 1949,” the Federal Statistical Office said on Monday.
“This means that commercial producer prices have seen new record increases every month since December 2021.” Economists polled by Reuters assumed an unchanged figure of 33.5%. From April to May alone, producer prices rose 1.6%.
These are considered precursors to the development of general inflation. In statistics, prices are listed right from the factory gate – even before products are processed or sold. At 7.9%, the inflation rate is currently higher than it has been since the winter of 1973/1974.
The main reason for the sharp rise in prices is again energy, which has cost significantly more since the start of the Russian invasion of Ukraine on 24 February. Here, producer prices were 87.1% higher than in May 2021.
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The price of natural gas increased by 148.1%. Power plants paid 241.2% more for natural gas than the previous year, industrial customers 210.7% and resellers 168.3% more. Petroleum products cost 55.8% more than a year earlier. Light heating oil was almost twice as expensive, while 49.4% more was needed for fuel.
There was also a rise in the prices of intermediate goods, especially metals, fertilizers and animal feed, in addition to industrial gases and wooden packaging.
- Food prices rose 19.2%.
- Butter prices (+80.2%), untreated vegetable oils (+68.4%),
- beef (+42.9),
- coffee (+33.6)
- and milk and dairy products (+24.1).
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