According to the report from the Federal Statistical Office, in February 2021, the index of producer prices for industrial products increased by 1.9% compared with the corresponding month of the preceding year. Economists had expected a 2.0% increase. In January 2021 the annual rate of change all over had been +0.9%. Compared with the preceding month January 2021 the overall index increased by 0.7% in February 2021 (+1.4% in January 2021).
Mainly responsible for the increase of producer prices compared to February 2020 were the prices of intermediate products. Prices of intermediate goods increased by 3.8% compared to February 2020. This was the highest price increase compared to the previous year since November 2017 (+4.0%). Compared to January 2021 these prices were up 1.1 %.
Energy prices as a whole increased by 3.7% compared to February 2020 and by 1.3% compared to January 2021. The price increase from February 2020 to February 2021 is mainly due to the increase of electricity prices (+6.8%), furthermore to the national CO2-pricing that has been introduced in January 2021 on several energy products.
Prices of durable consumer goods increased by 1.4% compared to February 2020, capital goods, such as machines and vehicles, by 0.8%.
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