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Financial News: German Import Prices Decline Eases Sharply To 0.4%

German Import Prices Decline Eases Sharply To 0.4%

06/28/2024 - 04:10:00 (RTTNews)

(RTTNews) - Germany's import prices declined at the weakest pace in the current sequence of decreases, which started in March 2023, data released by Destatis showed on Friday.

Import prices dropped 0.4 percent year-over-year in May, slower than the 1.7 percent fall in April. The expected decrease was 0.3 percent.

The overall decline in May was mainly driven by a 2.6 percent fall in imported intermediate goods. Meanwhile, energy prices dropped only 0.1 percent.

Excluding energy prices, they were 0.4 percent lower compared to last year but rose 0.1 percent on a monthly basis.

Data showed that there were increased prices for imported agricultural goods, consumer goods, and capital goods during May.

Month-on-month, import prices remained flat in May after rising 0.7 percent in April.

Data showed that export prices registered an annual increase of 0.2 percent after a 0.2 percent drop in April. Further, this was the first rise in two years.

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