In 2022, the annual average index of import prices was 26.3 per cent higher than the average index of 2021 (2021: +13.5 per cent compared with 2020). The YoY-change in 2022 has been the highest since 1974 (+28.7 per cent on 1973), according to a press release by Destatis.
The increase in YoY import prices continued to be mainly due to the rise in energy import prices. In December 2022, energy imports were 34.1 per cent more expensive than in December 2021, but showed significant price decreases for almost all types of energy compared with November 2022 (-5.6 per cent).
The YoY increase was still mainly due to the price increases for imported natural gas (+45.5 per cent). Mineral oil products, with a plus of 28.4 per cent, and crude oil, up 18.4 per cent, were also more expensive than in December 2021. The prices of almost all other energy products increased compared with December 2021, but decreased compared with November 2022.
On an annual average, in 2022 energy imports were 111.2 per cent above the level of a year earlier, mainly because of natural gas with +178.6 per cent, mineral oil products with +74.8, and crude oil with +57.8 per cent, compared to 2021.
The index of import prices, excluding crude oil and mineral oil products, increased by 11.8 per cent in December 2022 compared with December 2021 and fell by 0.5 per cent in comparison with November 2022. On an annual average in 2022 it was 23.3 per cent above the level of a year earlier.
The index of export prices was 10.6 per cent higher in December 2022 than in December 2021. In November 2022 and October 2022, the YoY rate of change had been +11.6 per cent and +13.1 per cent, respectively. Compared with November 2022, average export prices were slightly up by 0.1 per cent in December 2022.
The price increase in December 2022 in comparison with December 2021 was mainly due to the development of intermediate goods. Exports of intermediate goods were 12.1 per cent more expensive than in December 2021 (-0.4 per cent compared with November 2022).
Energy exports were 33.4 per cent more expensive than in December 2021 (+7.1 per cent compared with November 2022). The YoY increase in energy export prices was mainly due to the increase in natural gas prices, with a plus of 51.9 per cent (+12.8 per cent on November 2022), and in mineral oil product prices, with a plus of 28.0 per cent (-11.6 per cent on November 2022), added the release.
On an annual average, the index of export prices increased by 14.6 per cent in 2022 compared with 2021. The YoY-change in 2022 has been the highest since 1974 (+16.9 per cent on 1973). The price increase in 2022 in comparison with 2021 was mainly due to the price development of intermediate goods with a plus of 17.4 per cent. Intermediate goods account for about one third on the total export price index. Energy prices were 114.2 per cent above the level of a year earlier.
ALCHEMPro News Desk (NB)
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