Press release No. 508 of 2 December 2022
Import prices, October 2022
+23.5% on the same month a year earlier
-1.2% on the previous month
Export prices, October 2022
+13.1% on the same month a year earlier
-1.9% on the previous month
WIESBADEN – Import prices were 23.5% higher in October 2022 compared with October 2021. The Federal Statistical Office (Destatis) also reports that the year-on-year rate of change had been +29.8% in September 2022 and +32.7% in August 2022. Compared with September 2022, import prices were down 1.2% in October 2022.
High price increase mainly caused by the development of energy prices
In October 2022, energy imports were 84.7% more expensive than in October 2021 (-5.2% compared to September 2022). The largest influence on the year-on-year rate of the energy price increase had the price increase of natural gas with a plus of 151.4%, followed by that of mineral oil products with a plus of 56.0% and crude oil with a plus of 32.6%. While natural gas compared to September 2022 decreased by 7.4% and crude oil by 1.4%, prices for mineral oil products increased by 7.1%.
The index of import prices, excluding crude oil and mineral oil products, increased by 21.8% in October 2022 compared with October 2021 and fell by 1.6% in comparison with September 2022.
Increases in the prices of intermediate and capital goods as well as energy are pushing up export prices
The index of export prices was 13.1% higher in October 2022 than in October 2021. In September 2022 and August 2022, the year-on-year rate of change had been +16.8% and +18.6%, respectively. Compared with September 2022, export prices were down 1.9% in October 2022.
The price increase in October 2022 in comparison to October 2021 was mainly caused by the development of intermediate goods. Exports of intermediate goods were 15.5% more expensive than in October 2021 (-0.1% compared to September 2022).
Energy exports were 47.6% more expensive than in October 2021 (-27.3% compared to September 2022). The largest influence on the year-on-year rate of the energy price increase had the price increase of natural gas with a plus of 57.0% (-35.7% compared to September 2022) and mineral oil products with a plus of 54.5% (+7.6% compared to September 2022).
Prices for capital goods increased by 7.7% in comparison with October 2021 (+0.4% compared to September 2022). The highest impact on the price development of capital goods was exerted by machinery prices, which were up 9.1% on October 2021, followed by vehicles price development (+7.3%).
The import prices form part of the Crisis Monitor www.destatis.de/krisenmonitor), by means of which the Federal Statistical Office compares the development of major short-term indicators in the Covid-19 crisis and the financial and economic crisis of 2008/2009. Import prices are also provided in the Corona statistics webpage (www.destatis.de/corona) together with other indicators that can be used to assess the economic consequences of the Covid-19 pandemic.
More detailed data and long time series are available in tables Index of import prices (61411-0002 and 61411-0006) and Index of export prices (61421-0002 and 61421-0006) in the GENESIS-Online database.
