Economic Buzz: German Import Price Inflation Accelerates 31.2% On Year In March

29 Apr 2022 , 12:57 PM

Germanys import prices rose 31.2 percent year-on-year following a 26.3 percent increase in February, preliminary data from Destatis showed Friday. Import price inflation accelerated sharply in March to its highest level in nearly five decades with the data starting to reflect the impact of the war in Ukraine. The latest inflation rate was the highest since September 1974 during the first oil crisis, when import prices surged 32.6 percent annually, Destatis said. On a month-on-month basis, import prices rose 5.7 percent in March 2022. Energy import prices soared 160.5 percent annually in March, driven by a 304.3 percent jump in natural gas prices and an 81.3 percent increase in crude oil prices.

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