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Tuesday, March 28, 2023

Producer prices rose sharply in 2022

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In 2021, the average price increase was still 7.9 percent. The main reason for this was the high energy prices. Producer prices rose 13.3 percent in December, after 15.4 percent in November and 18.5 percent in October. The rise in prices thus slowed down for the third time in a row, Statistics Austria announced on Monday. “Sharp increases in energy prices drove up producer prices in 2022. Compared to the previous year, Austrian manufacturers increased their prices by 19.4 percent. At the current edge, however, we see a leveling off in price dynamics: the increase was in December 2022 of producer prices for the third month in a row below that of the previous month,” said Statistics Austria Director General Tobias Thomas according to the broadcast. In the first quarter, the price increase was 19.4 percent, in the second and third quarters it was 21.1 percent and 21.4 percent, respectively.

Energy prices skyrocketed by 49.1 percent in 2022 and were the main reason for the rapid increase in producer prices. In 2021, energy prices rose by 16.6 percent. The increase in the energy index was mainly due to the rise in prices for industrially produced gases, gas supply services (+51.4 percent), electricity and electricity supply services (+49.2 percent) and petroleum products.

Most recently, however, Statistics Austria has recorded a slowdown in energy price increases. In December, energy prices increased by 33.2 percent, after +39.7 percent in November and +48.8 percent in October.

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The prices for intermediate goods increased by 15.4 percent in 2022, after 9.7 percent in 2021. This development was mainly driven by price increases in the metal production and processing sector (+27.9 percent). Capital goods rose in price by 4 percent on average in 2022 .1 percent, after 1.2 percent in the previous year. Prices for consumer goods increased by 6.6 percent, after 1.4 percent in 2021.

Source: Nachrichten

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