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Financial News: Germany Import Price Inflation Eases More Than Forecast

Germany Import Price Inflation Eases More Than Forecast

11/01/2022 - 06:37:00 (RTTNews)

(RTTNews) - Germany's import price inflation eased more-than-expected in September, though it remained strong overall, data published by Destatis revealed on Tuesday.

Import prices logged a double-digit annual growth of 29.8 percent in September, slower than the 32.7 percent surge in August. Economists had forecast inflation to ease to 31.0 percent.

On a monthly basis, import prices dropped unexpectedly by 0.9 percent in September, reversing a 4.3 percent rise in August. This was the first monthly decline since April 2020.

The overall strong inflation in September was largely driven by a 135.1 percent price increase for imported energy. Import prices for natural gas remain the main reason for the higher energy prices over the last year.

Excluding energy prices, import prices were 13.0 percent higher than in September 2021 and 0.2 percent higher than in August 2022.

Import prices of intermediate goods were also responsible for a higher import price index in September. Imported intermediate goods were 15.4 percent more expensive than in the same period last year.

Prices of imported capital goods showed an increase of 8.1 percent and those of consumer goods rose 14.2 percent.

Prices of durable consumer goods climbed 11.0 percent and imported agricultural goods prices were up 19.5 percent.

Further, data showed that export price inflation slowed to 16.8 percent in September from 18.6 percent in August. Month-on-month, export prices dropped 0.6 percent after rising 2.1 percent a month ago.

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