Financial News: German Import Prices Fall 1.3%

German Import Prices Fall 1.3%

10/31/2024 - 04:32:00 (RTTNews)

(RTTNews) - Germany's import prices decreased for the first time in four months in September amid a slump in energy import costs, data from Destatis showed on Thursday.

Import prices fell 1.3 percent on a yearly basis in September, reversing a 0.2 percent rise in August. Further, this was the steepest fall since April.

The downward trend in September was mainly due to a 16.1 percent plunge in costs for energy imports. Excluding energy, import prices grew 0.6 percent from last year.

Import costs for intermediate goods dropped 0.4 percent, and those for capital goods edged down by 0.3 percent.

Meanwhile, there was a 2.4 percent growth in prices for imported consumer goods. Higher prices were also seen for agricultural goods, which grew 7.3 percent annually.

Month-on-month, import prices decreased at a stable rate of 0.4 percent in September.

Further, data showed that export price inflation eased to 0.4 percent from 0.8 percent. On a monthly basis, export prices showed a slight drop of 0.1 percent.

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