Economic Buzz: Germany Import Price Inflation Eases

29 Jul 2022 , 02:57 PM

Germanys import price inflation eased marginally as expected in June, though it still remained high amid surging energy prices, data from Destatis showed. Import prices grew 29.9 percent year-over-year in June, slower than the 30.6 percent rise in May. The overall price growth in June was largely caused by a 136.0 percent jump in energy costs due to high import prices for natural gas. Prices for natural gas were three times higher in June compared to last year, rising by 198.9 percent. Petroleum product prices rose sharply by 109.7 percent annually in June, and by an 85.3 percent spike in prices for crude oil. On a monthly basis, import prices increased 1.0 percent from May, when they rose by 0.9 percent. It was forecast to grow by 0.8 percent. Data showed that export price inflation rose to 16.1 percent in June from 15.9 percent in the previous month. Month-on-month, export prices moved up 0.9 percent, following a 0.6 percent rise in May.Powered by Commodity Insights