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Financial News: Germany Import Price Inflation Slows In July

Germany Import Price Inflation Slows In July

08/31/2022 - 02:25:00 (RTTNews)

(RTTNews) - Germany's import price inflation slowed for the third month in a row in July but remained at elevated level, data published by Destatis revealed on Wednesday.

Import prices logged a double-digit annual growth of 28.9 percent in July. Nonetheless, this was slower than the 29.9 percent increase seen in June. Economists had forecast the annual rate to remain at 29.9 percent in July.

On a monthly basis, import price inflation rose to 1.4 percent from 1.0 percent a month ago. The expected rate was 1.5 percent.

Energy imports were 131.7 percent more expensive than in July 2021. Excluding energy prices, import prices were 14.0 percent higher than in July 2021 and 0.2 percent higher than in June 2022.

Import prices of intermediate goods showed a strong growth in July. Imported intermediate goods were 18.8 percent more expensive than in the same period last year.

Further, data showed that export price inflation accelerated to 17.0 percent in July from 16.1 percent in June. This was the strongest since October 1974, when prices gained 18.6 percent due to the oil crisis.

Month-on-month, export prices gained 2.0 percent after rising 0.9 percent in June.

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