According to the report from the Federal Statistical Office (Destatis), in January 2021, the index of producer prices for industrial products increased by 0.9% compared with the corresponding month of the preceding year. Economists had expected a 0.3% increase. In December 2020 the annual rate of change all over had been +0.2%. Compared with the preceding month December 2020 the overall index increased by 1.4% in January 2021 (+0.8% in December 2020). Economists had expected a 0.8% increase.

Prices of intermediate goods increased by 2.4% compared to January 2020 and by 2.0% compared to the previous month December 2020. Prices of durable consumer goods increased by 1.5% compared to January 2020, capital goods, such as machines and vehicles, by 0.7%.

Energy prices as a whole increased by 0.7% compared to January 2020 and by 2.7% compared to December 2020. The price increase from December 2020 to January 2021 in parts is due to the national CO2-pricing that has been introduced in January 2021.

The overall index disregarding energy was 0.9% up on January 2020.

Prices of non-durable consumer goods decreased by 1.8% compared to January 2020. Food prices decreased by 3.3%.