Pubblicato in: Banche Centrali, Devoluzione socialismo

Germania. Sept21. PPI, Producer prices Index, +14.2%. – Destatis.

Giuseppe Sandro Mela.

2021-10-23.

2021-10-21__ Germania PPI 001

                         In sintesi.

– +14.2% on the same month a year earlier

– Energy prices as a whole were up 32.6% compared to September 2020

– strong increase regarding natural gas (distribution) which was +58.9% on September 2020

– overall index disregarding energy was 8.6% up on September 2020

– Prices of intermediate goods increased by 17.4% compared to September 2020

– Compared to September 2020 intermediate goods’ prices increased especially regarding sawn timber (+118%)

– sawn timber (+118%), wooden packaging materials (+92.5%), secondary raw materials (+87.2%), reinforcing steel in bars (+81.8%), raw materials (+96.8%), fertilisers and nitrogen compounds (+21.1%), cereal flour prices were up 9.6%, structural metal products (+13.6%)

– Prices of crude vegetable oils were up 43.8%, butter prices rose by 15.5%, beef prices by 11.3%

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Number of persons employed in manufacturing in August 2021: -0.8% year on year.

Mercedes-Benz fa fagotto e si trasferisce in Cina, che chiama ‘nuova Patria’

Questa è una inflazione galoppante, associata a stasi della produzione industriale: in altre parole, stagflazione.

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Destatis. Producer prices in September 2021: +14.2% on September 2020.

                         Producer prices of industrial products (domestic market), September 2021

+2.3% on the previous month

+14.2% on the same month a year earlier

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Wiesbaden – In September 2021, the index of producer prices for industrial products increased by 14.2% compared with September 2020. As reported by the Federal Statistical Office this was the highest increase compared to the corresponding month of the preceding year since October 1974 (+14.5%), when prices rose strongly during the first oil crisis. Compared with the preceding month August 2021 the overall index rose by 2.3% in September 2021.

Mainly responsible for the increase of producer prices compared to September 2020 was the price increase of energy.

                         Strong increase in prices for all energy sources

Energy prices as a whole were up 32.6% compared to September 2020 and by 8.0 compared to August 2021. Mainly responsible for the high rise of energy prices was the strong increase regarding natural gas (distribution) which was +58.9% on September 2020.

The overall index disregarding energy was 8.6% up on September 2020.

                         Significant price increase on intermediate goods, especially regarding wood, secondary raw materials and metals

Prices of intermediate goods increased by 17.4% compared to September 2020. Compared to August 2021 these prices were up 0.6 %. Compared to September 2020 intermediate goods’ prices increased especially regarding sawn timber (+118%) whose prices decreased by 2.0% from August 2021. Especially high were the price increases of wooden packaging materials (+92.5%), secondary raw materials (+87.2%) and reinforcing steel in bars (+81.8%). Metal prices were up 35.5% compared to September 2020. Prices of metallic steel and ferro-alloys increased by 59.8%, prices of non-ferrous metals were up 21.1%. Also in September the main reasons for the rise in steel and wood prices are likely to be increasing demand in Germany and abroad, problems in the supply of raw materials and sharp increases of import prices for iron ore in the past months (+96.8% from August 2020 to August 2021). Also prices for plastics in primary forms showed a strong plus compared to September 2020 (+22.2%) as well as fertilisers and nitrogen compounds (+21.1%).  Cereal flour prices were up 9.6%. Only few prices of intermediate goods fell compared to September 2020, two of them being wood in chips and particles (-14.7%) and precious metals (-7.2%).

Prices of durable consumer goods increased by 3.2% compared to September 2020, mainly caused by the price development of furniture (+3.9%). Prices of capital goods, such as machines and vehicles, rose by 2.8%, mainly driven by the price development of structural metal products (+13.6%) and of tanks, reservoirs and containers of metal (+10.1%).

                         Growth in prices of non-durable consumer goods mainly due to increasing prices for oils and fat

Prices of non-durable consumer goods increased by 2.2% compared to September 2020, but remained unchanged compared to August 2021. From September 2020 to September 2021 food prices increased by 2.8%. Prices of crude vegetable oils were up 43.8%, butter prices rose by 15.5%, beef prices by 11.3%. Prices of bread, fresh pastry goods and cakes increased by 3.9%. By contrast, pork prices were down 5.5% and processed potatoes 2.2%.