Press release No. 236 of 20 June 2023
Producer prices of industrial products (domestic market), May 2023
+1.0% on the same month a year earlier
–1.4% on the previous month
WIESBADEN – As reported by the Federal Statistical Office, the index of producer prices for industrial products increased by 1.0% compared to May 2022. Compared to the previous year, this represents the smallest increase since January 2021 (+0.9%). In April 2023 the increase had been +4.1%. Compared with the preceding month April 2023 the overall index decreased by 1.4% in May 2023.
The greatest influence on the increase of the overall index in comparison with May 2022 had the price increases of capital goods and of non-durable consumer goods.
Prices of capital goods rose by6.5% on May 2022. This increase was mainly induced by the price development of machinery (+8.2% on May 2022) and of vehicles and its parts (+5.6%). Compared to the previous month April 2023 capital goods’ prices were up 0.2%.
Growth in prices of non-durable consumer goods mainly due to increasing food prices
Prices for non-durable consumer goods were 10.1% higher in May 2023 than in May 2022 and rose by 0.1% from April 2023. Food prices were 11.9% up on May 2022. Especially high was the price increase of sugar (+92.0% compared to May 2022). Prices of processed and preserved potatoes rose by 41.0%, those of meat of swine by 22.4% compared to May 2022. Processed and preserved fruit and vegetables were 22.1% more expensive, processed liquid milk and cream 19.6%. Only few products were less expensive than in May 2022, two of them being butter (-28.9%) and crude vegetable oils (-43.7%).
Prices of durable consumer goods increased by 7.9% compared to May 2022, mainly driven by the price development of furniture (+8.8%) and of domestic appliances (+9.1%).
Price decrease for intermediate goods especially due to price decrease of metal
Prices of intermediate goods decreased by 2.3% compared to May 2022. Compared to April 2023 these prices fell by 1.1 %.
Cheaper than a year before were metal prices (-10.9%). Compared to April 2023 these prices fell by 1.3%. Prices of metallic steel and ferro-alloys decreased by 18.1% compared to May 2022. Prices of concrete reinforcing bars in bars or coils even fell by 40.1%.
Significantly cheaper also were secondary raw materials (-30.5% on May 2022), wood (-28.4%) and wooden containers (-24.8%).
By contrast prices of lime and plaster increased by 41.5% compared to May 2022, those of hollow glass by 33.7%, of cement by 33.0% and of ready-mixed concrete by 26.3%. Household and sanitary goods and toilet requisites of paper pulp and paper were 19.3% more expensive than a year before, glass, ceramics and processed stones 17.0%.
Decrease in energy prices compared to the same month last year and the previous month
Energy prices were down 3.3% on May 2022 and decreased by 3.5% compared to April 2023. Energy prices had risen sharply shortly after the start of the Russian attack on Ukraine in February 2022, but have decreased by 34.3% from September 2022. Mainly responsible for the decrease of energy prices were the decreasing prices of electricity. Electricity prices fell by 10.2% across all customer groups compared to May 2022 and decreased by 3.9% compared to April 2023.
Prices of mineral oil products were down 21.0% from May 2022 and decreased by 4.7% from April 2023. Light heating oil prices decreased by 32.7% compared to May 2022 (–10.9% on April 2023), those of motor fuels were down 19.8% (–4.7% on April 2023).
Natural gas prices (distribution) were up 3.8% on May 2022 though compared to April 2023 these prices fell by 4.0%.
The overall index disregarding energy was 3.2% up on May 2022 (–0.4% compared to April 2023).
Methodological note
The index of producer prices of industrial products (domestic sales) measures the price changes of industrial products produced and sold at home by domestic enterprises of mining and quarrying, of manufacturing and energy and water supply. All charges and taxes on goods are included, apart from value-added tax. The index portrays price developments at the first levels of the value added chain. Reference day of the survey is the 15th of the reporting month.
The index of producer prices of industrial products (domestic sales) will be transposed to the new base year 2021 with the reporting month of January 2024. First results related to the new base year will be published in March 2024.
Additional information
The statistical report on “Prices indices of industrial products (domestic market)" (only in German) includes the recent results. The statistical report replaces the former “Fachserie 17 Reihe 2”.
Long time series on the overall index are available in table Producer price indices for industrial products (61241-0002), more detailed data in table Producer price indices for industrial products (61241-0006) in the GENESIS-Online database.
