Press release No. 272 of July 12, 2024 on wholesale prices for the month of June 2024 issued by the Federal Statistical Office. The Federal Statistical Office (Destatis) announced today a decline in selling prices in the wholesale trade sector during the month of June 2024. The figures issued showed a decline of 0.6% compared to In the same month of the previous year, June 2023. These results come within the framework of the continued decline in wholesale prices, as they recorded a decline of -0.7% in May 2024 and -1.8% in April 2024. In the same context, the Federal Statistical Office indicated that prices Wholesale sales in June 2024 also decreased by 0.3% from the previous month, May 2024.
These moves come in light of changing economic developments, and reflect the pressures that the wholesale trade sectors are currently facing. The Statistical Corporation will continue to follow these numbers and future trends, and provide periodic reports on wholesale prices to help the relevant sectors in making appropriate decisions and achieving economic sustainability.
Decrease in the prices of chemical products: The Federal Statistical Office (Destatis) explained in its statement issued today that the decline in the prices of chemical products in the wholesale trade sector is the main reason behind the decline in wholesale prices on an annual basis in June 2024. The prices of chemical products recorded a decrease of 10.9% compared to In the same month of the previous year, June 2023. Compared to May 2024, the figures also showed a decrease in the prices of chemical products by 0.5%.
Year-on-year price declines were also reported in the wholesale trade of iron, steel and semi-finished metal products by 9.7%, as well as in the live animals sector by 5.5%, and computers and peripheral equipment by 5.4%.
Wholesale prices for products June 2024
In June 2024, the prices of waste and scrap also increased by 9.7%, the prices of sugar, confectionery and bakery products increased by 5.8%, the prices of fruits, vegetables and potatoes increased by 5.6%, and the prices of tobacco products increased by 5.1% at the wholesale level compared to the previous year. These movements show variation in wholesale prices for different products, and reflect economic conditions and changes in supply and demand for products.
Wholesale prices for May 2024: -0.7% from the same month of the previous year and +0.1% from the previous month
Wholesale selling prices decreased by 0.7% in May 2024 compared to May 2023. Compared with the same month of the previous year, the rate of change was -1.8% in April 2024, and -2.6% in March. The Federal Statistical Office (Destatis) also reported that wholesale prices in May 2024 rose slightly by 0.1% from April 2024.
Decrease in prices for chemical products: Decrease in prices in the wholesale trade of chemical products (-13.9%) was the main reason for the decline in wholesale prices (gross) year-on-year in May 2024. Compared to April 2024, these prices decreased by 0.9%. A decline in wholesale prices was also recorded year-on-year, especially for iron, steel and semi-finished metal products (-12.1%). Here prices decreased by 0.5% compared to April 2024. The cost of cereals, unprocessed tobacco, seeds and animal feed (-5.1%), milk and dairy products, eggs, edible fats and oils (-5.1%) also decreased at the wholesale level compared to the previous year. However, compared to the previous month, prices of cereals, unprocessed tobacco, seeds and animal feed increased by 3.4%.
Wholesale prices of non-ferrous ores, non-ferrous metals and semi-finished non-ferrous metal products (+ 9.7%), coffee, tea, cocoa and spices (+ 8.2%) increased compared to May 2023. In May 2024, the prices of sugar
Low prices in the wholesale trade of chemical products
-0.6% from the same month of the previous year and -0.3% from the previous month and a decrease in the prices of chemical products. The decrease in prices in the wholesale trade of chemical products (-10.9%) was the main reason for the decrease in wholesale prices (total) on an annual basis in June 2024. Compared to May 2024, wholesale prices of chemical products decreased by 0.5%. Year-on-year price declines were also reported in wholesale iron and steel, semi-finished metal products (-9.7%), live animals (-5.5%) and computers and peripheral equipment (-5.4%).
In contrast, wholesale prices for coffee, tea, cocoa and spices rose (+13.9%) compared to June 2023, as did wholesale prices for non-ferrous ores, non-ferrous metals and semi-finished non-ferrous metal products (+12.7%). In June 2024, the prices of waste and scrap (+9.7%), sugar, confectionery and bakery products (+5.8%), fruits, vegetables, potatoes (+5.6%) and tobacco products (+5.1%) were also higher at their wholesale level compared to the previous year.
In June 2024, selling prices in wholesale trade decreased by 0.6% compared to June 2023. The year-on-year rate of change was -0.7% in May 2024, and -1.8% in April 2024. The Federal Statistical Office (Destatis) also reported that wholesale prices In June 2024 it decreased by 0.3
What are purchasing power parities? Purchasing power parities (PPP) refer to the number of currency units that have to be paid for a given volume of goods and services in different countries.
Are purchasing power parities calculated based on the German consumption pattern? The calculation of purchasing power parities is not based on a uniform weighting pattern (e.g., the German pattern). Rather, it is based on weighting patterns derived from representative consumption patterns in the countries concerned.
How are purchasing power parities calculated and what are the limits available to them?
For example? Purchasing power parities are calculated to convert macroeconomic aggregates such as GDP into a single currency and thus make them internationally comparable. In order to achieve coherence with the macroeconomic aggregates to be compared, not only the prices of goods and services for public and private consumption, but also the prices of machinery, equipment and construction operations are collected according to the System of National Accounts. Determination by household final consumption expenditure takes into account the spending of all domestic households on goods and services used to directly meet individual needs.
What are purchasing power parities mainly used for? In particular, purchasing power parities can be used to compare the GDP of different countries without the figures being distorted by the different price levels in these countries.
To analyze the relative price levels of individual countries or groups of countries, purchasing power parities can be used to calculate the price levels of individual countries. Purchasing power parity is divided by the nominal exchange rate to calculate the price level.
