In April 2023, industrial producer prices in the EU domestic market fell by 2.9 % compared with March 2023. The decrease followed a series of producer price reductions that started in the autumn of 2022. Total prices have fallen by 9.4 % since September 2022. These price decreases only partly compensated for the massive increases that had taken place between early 2021 and September 2022.
The recent falls and previous increases in industrial producer prices were mainly the result of substantial movements in energy prices. Between January 2021 and September 2022 (the peak of the price development), domestic industrial producer prices increased by 59.1 %, averaging around 2 % per month. During the same period, producer prices for energy increased by an average of 5 % per month, which amounted to a total increase of 163.0 %. Since September 2022, energy prices dropped by 26.7 % (-4 % on average per month).
Particularly strong were the variations for the extraction of crude petroleum and natural gas (9 % on average per month between January 2021 and September 2022 and -9 % on average per month between September 2022 and April 2023) and the manufacturing of electricity, gas, steam and air conditioning (almost 6 % average per month between January 2021 and September 2022 and -5 % on average per month between September 2022 and April 2023).
For more information:
- Statistics Explained article on industrial producer prices
- Thematic section on short-term business statistics
- Database on short-term business statistics
- Euro indicators press release for industrial producer prices
Methodological notes:
- All Member States are obliged to transmit data at 2-digit level of the NACE classifications for mining and quarrying (Section B), manufacturing (Section C), and electricity, gas and water supply (Section D and division E36).
- Industrial producer prices are based on selling prices reported by establishments of all sizes selected as being representative of the whole population. Regular collection of prices data normally flows from a sample of units and a sample of their products.
- Industrial producer prices are widely used by both the business community and government, and enable monthly monitoring of prices at different stages of the manufacturing process. They capture price movements prior to the retail level. Therefore, they may foreshadow subsequent price changes for businesses and consumers.