German import prices rise in Nov. ’24

German import prices increased by 0.6 per cent year-on-year in November 2024, reversing declines from previous months, according to data from the Federal Statistical Office (Destatis).

Import prices rose 0.9 per cent month on month, while export prices also climbed 1.2 per cent compared to November 2023 and 0.3 per cent from October 2024.

The year-on-year import price growth was primarily attributed to higher consumer goods prices, which were up 3.4 per cent, with non-durable goods like food seeing a 9.0 per cent increase. Cocoa, chocolate, and sugar confectionery prices soared 66.8 per cent, while orange juice prices jumped 53.3 per cent.

Energy import prices fell 8.2 per cent from the previous year, but electricity costs surged 27.2 per cent annually and 33.3 per cent monthly. Agricultural imports saw a significant 8.5 per cent annual rise, driven by raw cocoa (114.8 per cent) and green coffee (38.4 per cent).

For exports, consumer goods prices rose 3.7 per cent annually, with cocoa-related products leading with a 183.3 per cent surge. Meanwhile, energy export prices dropped 10.6 per cent year-on-year but rose 7.7 per cent monthly due to natural gas and mineral oil product price increases.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama