Between December 2020 and December 2021, the import price for energy* in the euro area more than doubled (115%). The domestic producer prices for energy increased by almost three quarters (73%). This development is in sharp contrast to the relative price stability for energy import prices between 2010 and 2019 (in 2020, prices dropped by 31%) and the relatively low annual increase of domestic producer prices for energy of 0.9% between 2010 and 2019 (in 2020, energy producer prices fell by almost 10%).
This information comes from data on industrial import and producer prices published by Eurostat recently.
The recent development is quite unprecedented. Energy import prices, while rather volatile, did not change by more than around 30% during a year in the past; domestic producer prices did not change by more than around 10% per year.
Consumer prices for electricity, gas and other fuels increased by 25% between December 2020 and December 2021.
Source datasets: sts_inppd_m, sts_inpi_m, and prc_hicp_midx
This article is being published on the occasion of the EU Industry Days. This is a flagship annual event, highlighting industrial frontrunners and ongoing industrial policy discussions whilst improving the knowledge base of European industry.
* Energy import prices exclude water supply, sewerage, waste management.
For more information:
- Eurostat Statistics Explained article on industrial producer price index overview
- Eurostat Statistics Explained article on industrial import price index overview
- Eurostat Statistics Explained article on long term developments in industrial production - results from short-term statistics (including at country level)
- Eurostat Statistics Explained article on the impact of COVID-19 crisis on industrial production (including at country level)
- Eurostat Statistics in Focus, Issue 21/2010: The economic crisis in the non-financial business economy – where was it most heavily felt?
- Eurostat dedicated section on short term business statistics
- Eurostat database on short term business statistics
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