Producer prices in May 2004 up 1,6% on May 2003

The index of producer prices for industrial products was 2004% higher in May 1,6 than in May 2003. As the Federal Statistical Office also reports, the annual rate of change was +0,9% in April and +2004% in March 0,3. located. Compared to the previous month, the index rose by 2004% in May 0,5.

The increase in producer prices compared to the previous year is significantly influenced by the development of energy prices, which have risen by an average of 2003% compared to May 3,9. There was a particularly strong price surge for petroleum products (+ 12,9% compared to May 2003). This reflects the sharp rise in world market prices for crude oil. Specifically, the year-on-year price changes were as follows: fuel + 11,6% (including petrol + 11,7%, diesel + 11,6%), light fuel oil + 23,0%, heavy fuel oil + 12,9%, liquid gas + 21,5%.

Without energy, the producer price index would have been 1,0% above the previous year's level. Intermediate goods rose by an average of 2,0% over the year, capital goods by 0,2% and consumer goods by 0,9%.

Steel prices are still at their highest level since 1989. The main reason for these drastic price increases is essentially the increased global demand for steel. In May 2004, the prices for rolled steel produced and sold in Germany only increased by an average of 1,4% compared to the previous month (April 2004 compared to March 2004 + 8,2%), but were 17,6% above the level of May 2003 Individual types of steel rose even more sharply over the course of the year: rebar by 78,7%, wire rod by 46,5% and heavy sections by 21,3%. The price increases for hard coal (+ 28,6% compared to May 2003) and for metallic secondary raw materials (+ 20,0%) should be emphasized in the raw materials for metal production produced in Germany.

In the reporting month of May 2004, the price indices for EDP capital goods were calculated for the first time using the so-called hedonic method (see press release from the Federal Statistical Office of June 16.6.2004, XNUMX).

There were further above-average price increases in May 2004 compared to the previous year for the following goods:

Wire products (+ 42,9%), copper and semi-finished copper products (+ 29,5%), lead, zinc and tin (+ 18,7%), feed for livestock (+ 16,1%), tobacco products (+ 12,3). %), iron and steel pipes (+ 10,8%), polyvinyl chloride (+ 10,5%), vegetable and animal oils and fats (+ 8,2%) and electricity (+ 5,5%).

In May 2004, things were cheaper than a year ago:

Data processing equipment and facilities (– 8,5%), inorganic raw materials and chemicals (– 7,5%), communications equipment and facilities (– 7,2%), adhesives and gelatine (– 6,8%), fish products (– 6,5%) and synthetic rubber (– 5,1%).

Source: Wiesbaden [ details ]