Germany’s Industrial Producer Price Index (PPI) posted a record 30.9% yoy increase last March, compared with the 25.9% increase observed in February, marking the largest increase since the historical series began in 1949. as reported by the Federal Statistical Office (Destatis).
“This is the highest increase compared to the same month last year,” said the Federal Statistical Office, noting that the March data “should already contain the first implications of the Russian attack on Ukraine.”
In March, energy prices increased by 83.8% compared to the same month in 2021 and by 10.4% compared to February 2022. The main reasons for this increase were natural gas prices (+144.8%). Electricity prices (+85.1%) and oil product prices (+61.3%).
Thus, the overall index excluding energy increased by 14% compared to March 2021 and by 2.3% compared to the second month of 2022.
Destatis said intermediate goods prices rose 23.3% yoy in March. The 39.7% increase in metal prices had the greatest impact on the development of wholesale prices
On their side, the prices of fertilizers and nitrogenous compounds (+87.2%). Ready feed for livestock, on the other hand, has become 45.7% more expensive since March 2021.
Likewise, since March 2021, wood container prices have increased by 68.8%, lumber by 57.5%, while paper and cardboard prices have increased by 45.3%.
In March, compared to March 2021, consumer goods prices increased by 9.6%, including a 12.2% increase in food prices. The increase in the price of crude vegetable oils (+72.3%), which has risen by 25.6% since February 2022, was particularly high. The price of butter rose 56%, while prices for beef rose 31.1% year-on-year and pork rose 12%.
Likewise, consumer durables prices increased by 7.4% compared to March 2021, mainly due to the development of furniture prices (+9.4%). (EUROPE PRESS)