German import prices rise for the first time in over a year

German import prices in 2024/6 rose 0.7% from the same month last year, and have risen since 2023/3 from a 0.4% decline in May, exceeding market expectations of a 0.5% increase.

The main factor behind the rise is an increase in energy costs (4.3%) due to increases in crude oil prices (10.5%), mineral oil product prices (6.5%), and natural gas prices (1.4%).

Furthermore, the cost of consumer goods (1.8%) increased due to rising prices for durable consumer goods (0.7%) and non-durable consumer goods (2%).

The price of imported agricultural products and the price of imported capital goods also increased by 8.6% and 0.3%, respectively.

Import costs, excluding energy prices, rose 0.3% from the same month last year.

On a monthly basis, import prices rose 0.4% after remaining flat in the previous fiscal year.

Source: Federal Statistical Office