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Financial News: German Import Price Inflation Highest Since 1981

German Import Price Inflation Highest Since 1981

10/27/2021 - 05:14:00 (RTTNews)

(RTTNews) - Germany's import prices rose at the fastest pace in four decades in September, preliminary data from Destatis showed Wednesday.

The import price index climbed 17.7 percent year-on-year following a 16.5 percent rise in August. Economists had forecast an 18.0 percent increase.

The latest inflation rate was the highest year-on-year change since August 1981, when it was 19.5 percent.

Energy import prices surged 107.1 percent annually, driven by natural gas prices that jumped 170.6 percent. Crude oil prices rose 75.5 percent.

Compared to the previous month, the import prices rose 1.3 percent after a 1.4 percent increase in August. Economists had forecast a 1.5 percent gain.

Excluding crude oil and mineral oil products, import prices climbed 14.7 percent year-on-year and rose 1.3 percent from the previous month.

The export price index increased 8.1 percent annually, which was the highest year-on-year-change since January 1975, when they climbed 10.5 percent, Destatis said.

In August, export prices rose 7.2 percent.

Compared to the previous month, export prices increased 0.9 percent in September.

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