Wholesale prices in Germany have grown by 6.8% in August 2023 compared to the previous year, primarily due to rising energy and raw material costs stemming from existing tensions in the Middle East.
Upward Trend of Prices in Germany
The Federal Statistical Office of Germany (Destatis) reported on Tuesday that the annual price growth has increased from 5.3% in July and 4.9% in June. The recorded figure in August represents the highest price increase since February 2023, when wholesale prices rose by 9.5%.
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Specifically, statistics show that the overall price increase is mainly related to mineral oil products, which have risen by 36.1% compared to August 2022. Additionally, prices for non-ferrous mineral stones, metals, and semi-finished metal products have also seen significant growth, increasing by 27.4% compared to last year.
Increase in Other Sectors
The report from the statistical office also shows significant annual increases in other sectors. For example, prices for chemical products have risen by 13.6%, and prices for computers and peripherals have increased by 11.1%. In contrast, wholesale prices for live animals have experienced an 18.3% decrease during the same period.
Furthermore, the statistical office of Germany recorded a 10.3% annual decrease for dairy products, eggs, and edible fats, as well as a 6.7% decrease for meat and meat products. These declines are particularly noteworthy given that prices for other items have risen significantly.
Month-on-month, wholesale prices in Germany increased by 0.9% in August. This monthly growth indicates the continuation of the upward price trend in the country.
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