Import prices in Germany have risen for two consecutive months.

Import prices in Germany rose 0.9% year-on-year in July 2024, following a 0.7% increase in the previous month, marking two consecutive periods of growth.

This increase is mainly due to the rise in energy costs (1.7%), driven by increases in crude oil prices (8.7%) and petroleum product prices (1.6%).

Furthermore, farm product prices rose by 7.6%, primarily due to a sharp increase in raw cocoa prices (158.7%).

Consumer goods also increased by 2.3%, with durable goods rising by 1.4% and non-durable goods rising by 2.5%.

In contrast, prices for capital goods and intermediate goods remained flat compared to the previous year.

Excluding energy prices, import costs rose by 0.9% compared to the same month last year.

On a monthly basis, import prices fell by 0.4% after a 0.4% increase in June, showing a decline compared to market expectations of stability.

Source: Federal Statistics Office