EUROSTAT: Producer prices stabilized at high level in Q1 2023

In the first quarter of 2023, industrial producer prices fell by 2.2% compared with the last quarter of 2022. During the same period, construction producer prices increased by 2.2 % while services producer prices were up by 0.3 %.

These price changes were relatively moderate in comparison with the very dynamic price changes during 2021 and 2022.

In 2021 and 2022, producer prices increased in an unprecedented way. Between the last quarter of 2020 and the last quarter of 2022, industrial producer prices rose by more than 44%. This development was mainly influenced by energy prices.

During the same period, construction output prices increased by more than 20%. In comparison, the increase of services producer prices by almost 8% appears moderate but is outstanding when compared with the rather moderate price movements of services prices in the past. In services, the main driver behind the general development were water and air transport services as well as prices for postal and courier activities.