Wiesbaden, 14 June 2023 – Wholesale selling prices in Germany recorded a significant decrease of 2.6% in May 2023 when compared to the same month in the previous year. This represents the largest decline on a year-on-year basis since July 2020, when a similar decrease of 2.6% was observed compared to July 2019. The Federal Statistical Office (Destatis) released these findings, highlighting a continuation of the downward trend. In April 2023, the year-on-year change stood at -0.5%, while in March 2023, it was +2.0%. Furthermore, wholesale prices also experienced a decline of 1.1% compared to the previous month.
The decline in wholesale prices can be attributed to several factors, most notably the substantial decrease in prices of mineral oil products by 22.7%. Additionally, the prices of scrap and residual materials (-31.3%), cereals, raw tobacco, seeds, and feedstuff (-27.9%), ores, metals, and semi-finished metal products (-22.1%), as well as chemical products (-9.4%), significantly impacted the year-on-year change in May 2023.
On the other hand, certain categories of products experienced price increases in wholesale trade. Selling prices for fruit, vegetables, and potatoes saw a rise of 22.5%, followed by living animals (+16.9%), and building materials and elements (+11.6%), all of which registered higher prices in May 2023 compared to the same month in the previous year.
Detailed data and long-term series regarding wholesale prices can be found in the Index of Wholesale Prices (61281-0002 and 61281-0004) in the GENESIS-Online database.
The Dashboard Germany (www.dashboard-deutschland.de) provides wholesale price indices as well. This data portal, created by the Federal Statistical Office, offers up-to-date indicators from various sources, covering topics such as the economy, finance, health, and mobility. The Economic Pulse Monitor (Pulsmesser für die Wirtschaft), available on the portal, enables real-time monitoring of economic developments.
It is worth noting that the wholesale price indices will be recalculated based on the new base year 2021, with the first results under the new base year set to be published in March 2024.
For more information and data related to the impact of Russia’s attack on Ukraine and the subsequent sanctions, a dedicated webpage (available only in German) has been created, compiling relevant information on the subject.