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4. Inflation is falling – but only slowly
The peak of the inflation wave is over. In parts of the economy, not only is inflation falling, but prices are actually falling. At least that is the case compared to the previous month. Some prices are even lower this spring than a year ago, especially for energy.
The fourth graph indicates what this means for the general inflation rate, i.e. for the development of consumer prices. It follows the prices at the upstream economic levels such as imports, producer prices and wholesale. The prices for consumers do not fluctuate that much. After the price shocks caused by the delivery bottlenecks in the corona pandemic and the Ukraine war, consumer prices did not rise as quickly and as strongly as prices in the commercial economy. On the other hand, they are not going back as quickly and strongly.
Conclusion: The general inflation rate should now be falling month by month. However, this will not go as steeply as in other areas of the economy. Individual products can certainly become cheaper for consumers. Overall, however, the upward trend in prices should continue for some time, albeit subdued.
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3. Wholesale prices are falling
The wholesale trade is even closer to the consumers. Price data is already available here for April. The Federal Statistical Office announced on Monday that wholesale sales prices were 0.5 percent lower than a year ago. At this level, this was the first year-on-year price decline since late 2020. Compared to March, wholesale prices fell 0.4 percent in April. In wholesale, too, falling energy prices in particular are helping to ease the situation, while food has become the biggest price driver. Consumers are also feeling this when looking at retail prices.
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4. Inflation is falling – but only slowly
The peak of the inflation wave is over. In parts of the economy, not only is inflation falling, but prices are actually falling. At least that is the case compared to the previous month. Some prices are even lower this spring than a year ago, especially for energy.
The fourth graph indicates what this means for the general inflation rate, i.e. for the development of consumer prices. It follows the prices at the upstream economic levels such as imports, producer prices and wholesale. The prices for consumers do not fluctuate that much. After the price shocks caused by the delivery bottlenecks in the corona pandemic and the Ukraine war, consumer prices did not rise as quickly and as strongly as prices in the commercial economy. On the other hand, they are not going back as quickly and strongly.
Conclusion: The general inflation rate should now be falling month by month. However, this will not go as steeply as in other areas of the economy. Individual products can certainly become cheaper for consumers. Overall, however, the upward trend in prices should continue for some time, albeit subdued.
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2. Producer prices rise more slowly
Overall, the price pressure is easing for companies that produce in Germany. True, they were producer prices for commercial products in March was still 6.7 percent higher than a year ago. However, prices rose much more slowly than in the previous months. Our graphic shows this clearly. The gas and electricity price brake also dampened inflation at the producer level. Compared to February, producer prices fell slightly.
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3. Wholesale prices are falling
The wholesale trade is even closer to the consumers. Price data is already available here for April. The Federal Statistical Office announced on Monday that wholesale sales prices were 0.5 percent lower than a year ago. At this level, this was the first year-on-year price decline since late 2020. Compared to March, wholesale prices fell 0.4 percent in April. In wholesale, too, falling energy prices in particular are helping to ease the situation, while food has become the biggest price driver. Consumers are also feeling this when looking at retail prices.
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4. Inflation is falling – but only slowly
The peak of the inflation wave is over. In parts of the economy, not only is inflation falling, but prices are actually falling. At least that is the case compared to the previous month. Some prices are even lower this spring than a year ago, especially for energy.
The fourth graph indicates what this means for the general inflation rate, i.e. for the development of consumer prices. It follows the prices at the upstream economic levels such as imports, producer prices and wholesale. The prices for consumers do not fluctuate that much. After the price shocks caused by the delivery bottlenecks in the corona pandemic and the Ukraine war, consumer prices did not rise as quickly and as strongly as prices in the commercial economy. On the other hand, they are not going back as quickly and strongly.
Conclusion: The general inflation rate should now be falling month by month. However, this will not go as steeply as in other areas of the economy. Individual products can certainly become cheaper for consumers. Overall, however, the upward trend in prices should continue for some time, albeit subdued.
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Consumers are still suffering from soaring prices. In April, the inflation rate in Germany was 7.2 percent, only slightly below the peak from the autumn.
But now improvement is in sight. At upstream economic levels, prices are rising much more slowly, in wholesale and for imports prices even fell again for the first time in two years.
These charts showing the development of prices give hope that the price pressure in the shops is now easing.
Consumers in Germany are experiencing – and suffering – a historic wave of inflation. For many months, prices in shops or at service providers have risen more than they have in decades. In April, the inflation rate was 7.2 percent, still barely below its peak of 8.8 percent in March. But now the signs are finally increasing: inflation is falling.
This shows the development of prices at upstream levels in the economy. Prices for importers and manufacturers are rising much more slowly, and in wholesale they even fell in April for the first time in two years. This was announced by the Federal Statistical Office on Monday. This development should now also soon with the consumer prices arrive. We show the important development at each stage.
1. Import prices are lower than last year
Die import prices have been falling month by month for the past six months. This is mainly due to the prices for energy imports. They also rose the most after Russia’s invasion of Ukraine. In March 2023, import prices were even lower than in the previous year, by a total of 3.8 percent. This was the first year-on-year price decline in more than two years.
Energy imports were even 27 percent cheaper in March than a year ago and more than five percent cheaper than in February. Without taking energy prices into account, however, import prices in March 2023 were still 2.5 percent higher than a year ago. However, the chart shows that the major pressure from the price shocks in import prices is over. Figures for the development of import prices in April are then expected at the end of May.
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2. Producer prices rise more slowly
Overall, the price pressure is easing for companies that produce in Germany. True, they were producer prices for commercial products in March was still 6.7 percent higher than a year ago. However, prices rose much more slowly than in the previous months. Our graphic shows this clearly. The gas and electricity price brake also dampened inflation at the producer level. Compared to February, producer prices fell slightly.
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3. Wholesale prices are falling
The wholesale trade is even closer to the consumers. Price data is already available here for April. The Federal Statistical Office announced on Monday that wholesale sales prices were 0.5 percent lower than a year ago. At this level, this was the first year-on-year price decline since late 2020. Compared to March, wholesale prices fell 0.4 percent in April. In wholesale, too, falling energy prices in particular are helping to ease the situation, while food has become the biggest price driver. Consumers are also feeling this when looking at retail prices.
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Your privacy settings prevent the loading and display of all external content (e.g. graphics or tables) and social networks (e.g. Youtube, Twitter, Facebook, Instagram etc.). To display, please activate the settings for social networks and external content in the privacy settings .
4. Inflation is falling – but only slowly
The peak of the inflation wave is over. In parts of the economy, not only is inflation falling, but prices are actually falling. At least that is the case compared to the previous month. Some prices are even lower this spring than a year ago, especially for energy.
The fourth graph indicates what this means for the general inflation rate, i.e. for the development of consumer prices. It follows the prices at the upstream economic levels such as imports, producer prices and wholesale. The prices for consumers do not fluctuate that much. After the price shocks caused by the delivery bottlenecks in the corona pandemic and the Ukraine war, consumer prices did not rise as quickly and as strongly as prices in the commercial economy. On the other hand, they are not going back as quickly and strongly.
Conclusion: The general inflation rate should now be falling month by month. However, this will not go as steeply as in other areas of the economy. Individual products can certainly become cheaper for consumers. Overall, however, the upward trend in prices should continue for some time, albeit subdued.
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