Financial News: German Import Price Decline Continues

German Import Price Decline Continues

10/31/2023 - 03:45:00 (RTTNews)

(RTTNews) - Germany's import prices continued to fall in double-digits in year-on-year comparison during September, mainly due to lower energy prices, while they rose for a second month in a row on a monthly basis, preliminary data from the statistical office Destatis showed Tuesday.

The import price index fell 14.3 percent year-on-year after a 16.4 percent slump in August. Economists were looking for a 15.3 percent decline. Destatis attributed the big decreases mainly to a base effect originating from the high price increases in 2022 as a result of the war in Ukraine.

Import prices climbed 1.6 percent from August, when they increased 0.4 percent. That was much faster than the 0.7 percent rise economists had forecast. Energy imports were 47.4 percent cheaper in September this year, but they were 9.7 percent more expensive than in August. Natural gas import prices sank 69.2 percent from a year ago, but rose markedly by 12.3 percent from the previous month. Excluding energy prices, import prices decreased 3.4 percent year-on-year, but rose 0.3 percent on a monthly basis.

The index of export prices fell 4.1 percent year-on-year after a 5.1 percent decline in August. This was mainly led by the lower prices for energy exports. Compared with August, export prices rose 0.4 percent in September. Official data released on Monday showed that consumer price inflation in Germany slowed more than expected to 3.8 percent in October, it lowest in over two years due to falling energy prices. While easing price pressures validate the latest "pause" in the interest rate hikes by the European Central Bank, the big question is if the trend is sustainable given the significant risks to the outlook.

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