German industrial prices rise 33.6% in May, a historical record since 1949

The industrial production price index (PPI) of Germany registered a record year-on-year rise of 33.6% last May, one tenth more than in April and after 30.9% in March, the largest increase since the beginning from the Federal Statistical Office (Destatis) dating from 1949. "It was the highest year-on-year increase recorded in history," says the German statistical agency.

Compared to the same month last year, energy prices increased by 87.1% due to the increase in the cost of natural gas (148.1%), while electricity prices increased by 90.4% and those of products petroleum derivatives, 55.8%.

Likewise, the prices of heating oil increased by 96% compared to May 2021 and those of motor fuels, by 49.4%.

The prices of intermediate goods increased by 25.1% compared to May 2021, including a 38.1% increase in the cost of metals, as well as especially high price increases for fertilizers and nitrogenous compounds, whose prices rose 110.9%.

Also, compared to May 2021, the prices of paper and cardboard increased by 52.3%. For its part, the prices of cereal flour rose by 44.8%.

In the case of non-durable consumer goods, prices increased by 14.7% year-on-year, including a 19.2% rise in food prices.

Especially high was the rise in the price of butter, up 80.2%, while crude vegetable oils were up 68.4% from May 2021. Beef prices rose 42.9% and those of pork meat, 24.1%.

In turn, the prices of durable consumer goods increased by 9.4% compared to May 2021, mainly due to the evolution of furniture prices (11.9%).

Likewise, capital goods became more expensive by 7.1%, its highest year-on-year increase since October 1975. The greatest impact on the evolution of the prices of capital goods corresponded to the increase in the prices of machines (8.3 %), followed by the evolution of vehicle prices (4.9%).