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Financial News: Germany Import Price Inflation Eases As Expected

Germany Import Price Inflation Eases As Expected

07/29/2022 - 04:41:00 (RTTNews)

(RTTNews) - Germany's import price inflation eased marginally as expected in June, though it still remained high amid surging energy prices, data from Destatis showed on Friday.

Import prices grew 29.9 percent year-over-year in June, slower than the 30.6 percent rise in May. That was in line with economists' expectations.

The overall price growth in June was largely caused by a 136.0 percent jump in energy costs due to high import prices for natural gas.

Prices for natural gas were three times higher in June compared to last year, rising by 198.9 percent.

Petroleum product prices rose sharply by 109.7 percent annually in June, and by an 85.3 percent spike in prices for crude oil.

Imported intermediate goods were 22.1 percent more expensive than in the last year. Prices of imported capital goods showed an increase of 7.7 percent and those of consumer goods rose 13.1 percent.

Prices of durable consumer goods climbed 9.6 percent and imported agricultural goods prices grew 22.3 percent.

On a monthly basis, import prices increased 1.0 percent from May, when they rose by 0.9 percent. It was forecast to grow by 0.8 percent.

Data showed that export price inflation rose to 16.1 percent in June from 15.9 percent in the previous month. Month-on-month, export prices moved up 0.9 percent, following a 0.6 percent rise in May.

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