The Federal Statistical Office (Destatis) has released its latest report on producer prices of agricultural products in Germany, revealing that prices increased by 1.1% in March 2023 compared to the same month in the previous year. This marks a significant slowdown in the year-on-year change rates seen between November 2021 and February 2023, which all exceeded 20%. The drop in the rate of increase is largely due to a base effect caused by the very high price level of the previous year, as in March 2022, producer prices of agricultural products had risen by 34.7% from March 2021.
However, there was significant variation between the prices of different types of agricultural products. Prices of plant products decreased by 14.3% on the same month a year earlier, while prices of animal products increased by 13.1% over the same period.
In addition, the report found that grain prices saw a notable decline, with prices down by 30.4% year on year. Overall, prices dropped by 3.3% in March 2023 compared to February 2023.
The complete results for years, business years and months of the producer prices of agricultural products are available in the GENESIS-Online database in tables 61211-0001 to 61211-0003.