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Financial News: Germany Import Price Inflation Strongest Since 1974

Germany Import Price Inflation Strongest Since 1974

05/30/2022 - 06:23:00 (RTTNews)

(RTTNews) - Germany's import prices grew at the fastest pace since the first oil crisis in 1974, Destatis said on Monday.

Import prices advanced 31.7 percent on a yearly basis in April, following March's 31.2 percent increase. This was the fastest growth since September 1974 but slightly slower than the expected growth of 32.0 percent.

The annual price growth was driven by the 157.4 percent surge in energy prices. Excluding crude oil and mineral oil products, import prices gained 2.3 percent on month and by 27.6 percent from the last year.

Imported intermediate goods were 26.8 percent more expensive than in the last year. At the same time, imported capital goods prices were 7.4 percent higher than in April 2021.

Prices of non-durable consumer goods moved up 11.9 percent and that of durable goods were up 8.0 percent.

Data showed that export price inflation rose to 16.0 percent in April from 15.9 percent in the previous month. Month-on-month, export prices moved up 0.8 percent, following a 4.0 percent rise in March.

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