2023.05.3107:31:00UTC+00Germany Import Prices Log Biggest Fall Since 2009

Germany's import prices declined at the fastest pace since 2009 due to a sharp fall in energy prices, Destatis reported Wednesday.

Import prices declined 7.0 percent on a yearly basis in April, following a 3.8 percent drop in March. This was the biggest decrease since October 2009. Prices were expected to decline 5.9 percent.

Energy import prices declined 31.8 percent from the last year mainly reflecting the high base of comparison. Prices had increased sharply in the same period last year due to the war in Ukraine.

Excluding energy prices, import prices were 0.6 percent lower than in April 2022, data showed.

Prices of imported intermediate goods slid 6.5 percent annually, while consumer goods prices gained 4.6 percent.

Non-durable consumer goods prices moved up 4.8 percent and imported durable goods prices advanced 4.4 percent. Capital goods prices increased 4.7 percent annually. Month-on-month, import prices fell 1.7 percent after decreasing 1.1 percent in March. Economists had forecast a 0.5 percent fall.

At the same time, export prices registered an annual increase of 1.1 percent but slower than the 2.3 percent rise in March. On a monthly basis, the decline in import prices deepened to 0.4 percent from 0.2 percent in the previous month.

Destatis is slated to publish flash consumer price data later today. Consumer price inflation is expected to rise slightly to 7.3 percent in May from 7.2 percent in April.