Economic Buzz: Germany Import Prices Rise 29.8% On Year In September

1 Nov 2022 , 02:43 PM

Import prices in Germany were 29.8% higher in September 2022 compared with September 2021. The Federal Statistical Office (Destatis) also reports that the year-on-year rate of change had been +32.7% in August 2022 and +28.9% in July 2022. Compared with August 2022, import prices were down 0.9% in September 2022. This was the first decrease since April 2020. In September 2022, energy imports were 135.1% more expensive than in September 2021 (-4.0% compared to August 2022). The largest influence on the year-on-year rate of the energy price increase had the price increase of natural gas with a plus of 252.0%, followed by that of crude oil with a plus of 52.5%. For both products prices decreased 3.0% compared to August 2022. The index of import prices, excluding crude oil and mineral oil products, increased by 27.6% in September 2022 compared with September 2021 and fell by 0.7% in comparison with August 2022. The index of export prices was 16.8% higher in September 2022 than in September 2021. In August 2022 and July 2022, the year-on-year rate of change had been +18.6% and +17.0%, respectively. The price increase in September was mainly caused by the development of energy prices. Energy exports were 141.8% more expensive than in September 2021 (-11.7% compared to August 2022). The largest influence on the year-on-year rate of the energy price increase had the price increase of natural gas with a plus of 231.7% (-8.9% in comparison with August 2022).Powered by Commodity Insights