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MIL OSI Translation. Region: Germany / Deutschland –

Source: Destatis Federal Statistical Office

Press release No. 462 from November 20, 2020

Producer prices of industrial products, October 2020 + 0.1% on the previous month -0.7% on the same month last year

WIESBADEN – The Producer prices industrial products were 0.7% lower in October 2020 than in October 2019. As the Federal Statistical Office (Destatis) also reports, however, producer prices rose slightly by 0.1% compared to September 2020.

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The main reason for the decline in commercial producer prices compared to October 2019 was the price development for energy: Energy prices were on average 2.9% lower than in October 2019. Compared to September 2020, however, these prices rose by 0.3%. Sharp falls in prices compared to the same month last year were recorded for petroleum products (-16.0%) and natural gas in distribution (-5.2%). In contrast, electricity was 0.7% more expensive than a year earlier.

Excluding energy, producer prices were 0.1% higher than in October 2019.

Special price developments for energy in October 2020

Changes in %
October 2020 opposite
October 2019
September 2020
Petroleum products
-16.0
1.1
including:
Aviation turbine fuel
-52.8
-9.2
Light heating oil
-38.1
8.1
Fuels
-12.6
1.0
Bitumen from petroleum
-12.0
-2.6
Natural gas (distribution)
-5.2
3.3
including:

for industry
-10.5
8.6
for resellers
-6.5
3.6
to power plants
-5.6
13.2
to trade and commerce
-3.0
-0.3
Electrical current
0.7
-1.9
including:
for commercial systems
5.7
-0.1
for special contract customers
-1.4
-1.5
for redistributors
-2.3
-4.3
Listings for electricity
-14.0
-10.8

Intermediate goods were 0.4% cheaper in October 2020 than in October 2019. Compared to September 2020, these prices rose by 0.3%. Newsprint (-11.0%), chemical raw materials (-5.9%), but also pig iron, steel and ferro-alloys as well as paper and cardboard (both -5.8%) were cheaper than a year earlier. In contrast, secondary metallic raw materials were 11.6% more expensive than in October 2019. Precious metals and semi-finished products made from them cost 20.1% more.

The prices of consumer goods were 0.5% lower in October 2020 than in October 2019. Food was 1.3% cheaper than in the previous year, pork was 19.5% less. In addition to the Corona-related lower demand from the catering industry, this is also due to the import ban on German pork imposed by China and other Asian countries in September 2020 due to the African swine fever. Compared to September 2020 alone, pork prices fell by 4.0% in October 2020. In contrast, sugar was 14.6% more expensive than in October 2019. Compared to September 2020 alone, prices rose by 3.8%. Coffee cost 4.4% more than in the same month last year.

The prices for capital goods, such as machines and vehicles, were 0.9% higher than in October 2019, durable goods cost 1.4% more.

Index of producer prices of industrial products (domestic sales)
Year month
2015 = 100
Change in% compared to
Month of the previous year
Previous month
2019
October
104.4
-0.6
-0.2
November
104.4
-0.7
0.0
December
104.5
-0.2
0.1
2020
January
105.3
0.2
0.8
February
104.9
-0.1
-0.4
March
104.1
-0.8
-0.8
April
103.4
-1.9
-0.7
May
103.0
-2.2
-0.4
June
103.0
-1.8
0.0
July
103.2
-1.7
0.2
August
103.2
-1.2
0.0
September
103.6
-1.0
0.4
October
103.7
-0.7
0.1
from that:
Intermediate goods
103.4
-0.4
0.3
Capital goods
105.8
0.9
0.1
Consumer Goods
107.2
1.4
0.1
Consumer goods
106.5
-0.5
-0.2
energy
99.8
-2.9
0.3

Methodological notes: The index measures the development of prices for products produced in the mining, manufacturing, energy and water industries in Germany and sold domestically. All taxes and duties on the products except for VAT are taken into account. It thus represents the price changes in an early phase of the economic process. The survey date is always the 15th of the reporting month.

Crisis monitor enables comparison between corona crisis and financial and economic crisis

The producer prices of commercial products are also part of the “Crisis monitor“, With which the Federal Statistical Office compares the development of important economic indicators in the Corona crisis and in the financial and economic crisis of 2008/2009. The crisis monitor supplements the special page Corona statistics, which has been bundling statistical information on the economic and social consequences of the corona pandemic since the beginning of April.

Further information: All current results are also contained in Fachserie 17, series 2 “Producer price index of industrial products“. Long time series can be found in the table Producer prices of industrial products (61241-0006) can be obtained from the GENESIS-Online database.

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MIL OSI

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

MIL Translation OSI