Financial News: German Import Prices Rise For Second Straight Month

German Import Prices Rise For Second Straight Month

08/30/2024 - 02:56:00 (RTTNews)

(RTTNews) - Germany's import prices increased for the second straight month in July, data from Destatis showed on Friday.

Import prices grew 0.9 percent on a yearly basis in July, following a 0.7 percent rise in June, which was the first increase in 16 months.

The increase largely reflects higher prices for consumer goods and agricultural products. Prices of imported agricultural products surged 7.6 percent and that of consumer goods moved up 2.3 percent.

Energy import prices were up 1.7 percent compared to last year. At the same time, import prices of intermediate and capital goods remained flat in July.

Month-on-month, import prices dropped 0.4 percent, offsetting June's 0.4 percent rise. Prices were forecast to remain flat in July.

Further, data showed that export price inflation advanced to 0.8 percent in July from 0.6 percent a month ago. On a monthly basis, export prices edged down 0.1 percent, reversing June's 0.3 percent increase.

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