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Financial News: German Imports Prices Fall 8.5%

German Imports Prices Fall 8.5%

01/31/2024 - 02:52:00 (RTTNews)

(RTTNews) - Germany's import prices continued their declining trend at the end of the final quarter amid lower energy costs, data released by Destatis showed on Wednesday.

Import prices were down 8.5 percent year-over-year in December, slightly slower than the 9.0 percent slump seen a month ago. Prices have been falling since March 2023.

Destatis said the decline was primarily due to a base effect originating from the high price increases in 2022.

Data showed that energy import prices plunged 32.1 percent annually and the prices of imported intermediate goods decreased 7.2 percent. Meanwhile, capital goods prices rose 1.8 percent.

On a monthly basis, import prices dropped 1.1 percent, following a 0.1 percent fall in November.

During the whole year 2023, overall import prices were 8.3 percent lower compared to 2022. Moreover, this was the steepest fall since 2009.

Further, data showed that export prices declined 2.4 percent from the previous year after falling 2.2 percent in the prior month. Export prices posted a stable monthly fall of 0.2 percent.

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