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Financial News: Germany Import Price Inflation Strongest In Nearly 40

Germany Import Price Inflation Strongest In Nearly 40 Years

09/29/2021 - 02:53:00 (RTTNews)

(RTTNews) - Germany's import price inflation accelerated to the highest since 1981 due to higher energy prices, data published by Destatis revealed on Wednesday.

Import prices grew 16.5 percent on a yearly basis in August, after rising 15 percent in July. Economists had forecast an annual growth of 16.1 percent.

This was the highest annual rate seen since September 1981, when prices were up 17.4 percent.

Month-on-month, import prices were up 1.4 percent, following a 2.2 percent rise in July. Prices were forecast to grow 1.2 percent.

Destatis said energy imports were 93.6 percent more expensive than in August last year. Excluding crude oil and mineral oil products, import prices advanced 13.8 percent.

Data showed that export price inflation rose to 7.2 percent from 6.3 percent in July. This was also the biggest annual rate since September 1981.

On a monthly basis, export prices grew 0.7 percent, but slower than the 1.2 percent increase logged in July.

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