2022.12.0209:27:00UTC+00Germany Import Price Inflation At 1-Year Low

Germany's import price inflation eased less-than-expected in October to the lowest level in a year amid a slowdown in price growth of imported energy, data published by Destatis revealed on Friday.

Import prices logged a double-digit annual growth of 23.5 percent in October, slower than the 29.8 percent surge in September. Economists had forecast inflation to ease to 23.3 percent.

Further, this was the slowest rate of growth since October last year, when prices had risen 21.7 percent.

On a monthly basis, import prices dropped 1.2 percent in October, after a 0.9 percent fall in September. This was the second successive monthly decline.

The overall strong inflation in October was largely driven by an 84.7 percent price increase for imported energy, but well below the 135.1 percent jump in September.

Import prices for natural gas remain the main reason for the higher energy prices over the last year.

Excluding energy prices, import prices were 11.6 percent higher than in October 2021 and unchanged compared to a month ago.

Imported intermediate goods were 13.0 percent more expensive than in the same period last year.

Prices of imported capital goods showed an increase of 7.9 percent and those of consumer goods rose 14.2 percent.

Prices of durable consumer goods climbed 10.7 percent and imported agricultural goods prices were up 15.5 percent.

Further, data showed that export price inflation slowed to an eight-month low of 13.1 percent in October from 16.8 percent in September.

Month-on-month, export prices dropped 1.9 percent after falling 0.6 percent a month ago.