Import price growth in Germany slows to 0.2% in August ’24

Germany’s import prices rose by 0.2 per cent in August 2024 compared to the same month in 2023, marking a slowdown from the 0.9 per cent increase in July and 0.7 per cent in June.

Export prices saw a similar annual increase of 0.8 per cent, remaining flat from the previous month.

The rise in import prices was driven by consumer goods, which saw a 2.4 per cent increase, with non-durable items like cocoa butter and oil surging by 122.7 per cent.

However, energy import prices fell 5.4 per cent, with declines in electricity of 13 per cent and mineral oil products of 12.8 per cent. Excluding energy, import prices were 0.9 per cent higher year on year.

Export prices for capital and consumer goods rose, with motor vehicles and machinery up by 2.0 per cent and 1.9 per cent, respectively. However, energy export prices dropped significantly, with natural gas and mineral oil products falling by 17.0 per cent and 14.5 per cent compared to August 2023.

The data highlights contrasting trends across sectors with rising consumer and capital goods prices but declines in energy costs.