This press release from the Federal Statistical Office (Destatis) provides preliminary results on the producer prices for industrial products in Germany for the month of March 2023. According to the release, the index of producer prices for industrial products increased by 7.5% compared to March 2022. However, it is a decrease of 2.6% compared to February 2023, marking the sixth consecutive month of decrease.
The release notes that the results of the survey on producer prices are preliminary with regard to the overall index, the main industrial group energy, and the indices on electricity and natural gas (distribution). The reason for this is the price brake on electricity and natural gas which is valid from January 2023 has to be realized only starting in March 2023. As not all reporting units on electricity and natural gas prices could report prices taking into account the price brake, the March results remain also preliminary.
The release highlights that the increase in producer prices compared to March 2022 was mainly due to the price increase of energy, due to the high weighting percentage combined with exceptionally high changes. Moreover, prices also rose significantly for non-durable consumer goods, intermediate goods, durable consumer goods, and capital goods. On the other hand, the main reason for the decrease in producer prices on a monthly basis was the development of energy prices.
The release further provides information on the growth in prices of non-durable consumer goods mainly due to increasing food prices, the price increase for intermediate goods especially due to prices for glass, ceramics, and processed stones, and the price increase for capital goods compared to the previous year. It also notes the cheaper prices for metal, mineral oil products, and crude vegetable oils compared to March 2022.