German import prices rose 10.4 per cent from a year earlier in September, the largest annual increase since November 2022. Energy and intermediate goods drove the increase, while agricultural imports became cheaper. Prices also rose 2.1 per cent from August. Export prices increased 5.3 per cent annually in the same foreign-trade price release.
Germany’s import price index rose in September from the previous month. The increase extended the upward movement in prices paid for goods purchased abroad.[1], [2]
The annual rise accelerated to 10.4 per cent from 8.3 per cent in August and 6.8 per cent in July. It was the largest annual increase since November 2022. September prices were 2.1 per cent above August’s level, according to Germany’s Federal Statistical Office, Destatis.[1]
Imported energy cost 61.8 per cent more than a year earlier and 14.5 per cent more than in August. Energy and intermediate goods had the largest influence on the overall annual rise. Excluding energy, import prices increased 5.5 per cent annually and 0.5 per cent monthly. Intermediate goods prices rose 11.1 per cent from a year earlier; capital goods became 4.5 per cent more expensive.[1]
Agricultural import prices fell 0.9 per cent annually, including declines of 21.2 per cent for raw cocoa and 15.2 per cent for coffee. Export prices increased 5.3 per cent annually and 0.6 per cent monthly. The foreign-trade price indices use 2021 as their reference year and exclude taxes and customs duties from the agreed transaction prices.[1]
