According to the report from the Federal Statistical Office (Destatis), in March 2021, the index of producer prices for industrial products increased by 3.7% compared with March 2020. This was the highest increase compared to the corresponding month of the preceding year since November 2011 (+4.6%). Economists had expected a 3.3% increase. Compared with the preceding month February 2021 the overall index increased by 0.9% in March 2021. Economists had expected a 0.6% increase.
Mainly responsible for the increase of producer prices compared to March 2020 were the prices of energy and of intermediate products.
Energy prices as a whole increased by 8.0% compared to March 2020 and by 0.9% compared to February 2021. The price increase from March 2020 to March 2021 is mainly due to the increase of electricity prices (+9.6%), furthermore to the national CO2-pricing that has been introduced in January 2021 on several energy products.
Prices of intermediate goods increased by 5.7% compared to March 2020. This was the highest price increase compared to the previous year since July 2011 (+5.8%). Compared to February 2021 these prices were up 1.6 %. Compared to March 2020 intermediate goods’ prices increased especially regarding metallic secondary raw material (+46.8%), prepared feeds for farm animals (+15.9%), sawn and planed wood (+13.9%) and metals (+12.9%).
Prices of durable consumer goods increased by 1.4% compared to March 2020, capital goods, such as machines and vehicles, by 0.9%.
Prices of non-durable consumer goods decreased by 1.4% compared to March 2020 but increased by 0.9% compared to February 2021. Food prices decreased from March 2020 to March 2021 by 2.5%, mainly driven by price decreases of pork by 20.8%, however these prices increased from February to March 2021 by 13.3%.
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