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MIL OSI Translation. Region: Germany / Deutschland –

Source: Destatis Federal Statistical Office

Press release No. 521 from December 18, 2020

Producer prices of commercial products, November 2020 + 0.2% on the previous month -0.5% on the same month last year

WIESBADEN – The Producer prices commercial products were 0.5% lower in November 2020 than in November 2019. As the Federal Statistical Office (Destatis) also reports, however, producer prices rose by 0.2% compared to October 2020.

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The main reason for the decline in commercial producer prices compared to November 2019 was the price development for energy: Energy prices were on average 2.7% lower than in November 2019. Compared to October 2020, however, these prices rose by 0.4%. Sharp price falls compared to the same month last year were recorded for petroleum products (-16.7%) and natural gas in distribution (-5.2%). In contrast, electricity was on average 1.6% more expensive than a year earlier.

Excluding energy, producer prices were 0.3% higher than in November 2019.

Special price developments for energy in November 2020

Changes in %
November 2020 opposite
November 2019
October 2020
Petroleum products
-16.7
-0.9
including:
Aviation turbine fuel
-50.0
5.9
Light heating oil
-38.2
-0.6
Fuels
-13.7
-1.2
Bitumen from petroleum
-6.3
-1.7
Natural gas (distribution)
-5.2
2.2
including:
for resellers
-7.7
2.1
for industry
-5.4
6.8
to power plants
-4.7
6.0
to trade and commerce
-3.0
0.1
Electrical current
1.6
-0.2
including:
for commercial systems
5.6
0.0
for special contract customers
0.2
-0.8
for redistributors
-0.9
0.3
Listings for electricity
-11.4
3.1

Intermediate goods were 0.2% more expensive in November 2020 than in November 2019. This was the first year-on-year price increase since May 2019 (+ 0.5%). Compared to October 2020, prices rose by 0.3%. Precious metals and semi-finished products made from them (+21.3%), metallic secondary raw materials (+12.4%) and copper and semi-finished products made from them (+ 9.0%) were more expensive than a year earlier. Animal feed cost 7.1% more than in November 2019. In contrast, paper and cardboard (-4.8%), but also chemical raw materials (-4.5%) as well as pig iron, steel and ferro-alloys (- 2.8%).

The prices for consumer goods were 0.7% lower in November 2020 than in November 2019. Food was 1.6% cheaper than in the previous year, caused in particular by the 21.5% lower prices for pork compared to the previous year. After the prices for pork reached their previous high in December 2019 due to increasing demand from China, prices subsequently fell by 28.5% by November 2020 and thus reached roughly the level of February 2019 in November 2020. This should be in addition to Corona-related lack of demand from the catering sector and the closings of slaughterhouses can also be explained by the import ban imposed by Asian countries on German pork in September 2020. Butter cost 1.8% less than in November 2019. In contrast, sugar was 13.9% more expensive than in the same month last year, coffee 4.4%.

The prices for capital goods, such as machines and vehicles, were 0.8% higher than in November 2019, durable goods were 1.5% 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
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
November
103.9
-0.5
0.2
from that:
Intermediate goods
103.7
0.2
0.3
Capital goods
105.7
0.8
-0.1
Consumer Goods
107.3
1.5
0.1
Consumer goods
106.5
-0.7
0.0
energy
100.2
-2.7
0.4

Methodological notes: The index measures the development of prices for the products produced in the mining, manufacturing and 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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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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