Wholesale prices in October 2023: -4.2% on October 2022 - German Federal Statistical Office

Wholesale selling prices, October 2023
-4.2% on the same month a year earlier
-0.7% on the previous month

WIESBADEN – In October 2023, the selling prices in wholesale trade were 4.2% lower than in October 2022. The Federal Statistical Office (Destatis) reports that this represents the largest year-on-year decrease in prices recorded since May 2020 (-4.3% on May 2019). In September 2023, wholesale prices had already been down 4.1% compared with the previous year. As in the previous months, the decline is primarily due to a base effect originating from the large price increases in 2022 as a result of the war in Ukraine. Compared with September 2023, wholesale prices decreased by 0.7% in October 2023.

Sharp decline in prices for mineral oil products and for waste and scrap

The steep drop in prices in the wholesale of mineral oil products (-16.8%) had the biggest impact on the overall development of wholesale prices in October 2023 compared with October 2022. This is also mainly due to a base effect originating from the high level of prices in the same month of the previous year. Mineral oil product prices fell by 1.9% compared with September 2023. Lower year-on-year wholesale prices were also recorded for grain, unmanufactured tobacco, seeds and animal feeds (-24.8%), chemical products (-22.1%), metals and metal ores (-14.8%), and waste and scrap (-14.3%).

By contrast, fruit, vegetables and potatoes (+13.1%) and sugar, confectionery and bakery products (+11.4%) were more expensive than in October 2022. The prices of beverages (+7.9%) and live animals (+6.8%) were also higher at wholesale level than a year earlier.

Methodological notes:

The indices of wholesale selling prices will be rebased to 2021 as of reference month April 2024. First results for the new base year will be released in May 2024.

More information:

The statistical report (only in German) on the index of wholesale selling prices also includes the latest results. This statistical report has replaced the previous “ Fachserie 17 Reihe 6 ” publication. Long time series are available in the table on the index of wholesale selling prices (61281-0002 and 61281-0004) in the GENESIS-Online database.

Wholesale selling prices are available on Dashboard Germany at (www.dashboard-deutschland.de) (only in German). This data portal of the Federal Statistical Office combines up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, health and mobility. The portal also contains the Economic Pulse Monitor tool (Pulsmesser für die Wirtschaft) (only in German) for real-time economic monitoring.