German Import Prices Rise the Least in 3 Months

German import prices rose by 0.2% yoy in August 2024, much slower than a 0.9% gain in July.

It was the softest increase since May, largely due to a decline in energy prices (-5.4%), particularly for mineral oil products (-12.8%).

Within this category, the steepest price drop was seen for electricity (-13.0%), followed by crude oil (-3.0%) and natural gas (-1.7%).

In contrast, cost of agricultural products rose by 5.5%, driven by a strong jump in raw cocoa prices (130.3%) and a significant rise in green coffee prices (33.4%).

Consumer goods prices increased by 2.4%, with non-durable goods up 2.7% and durable goods rising 1.2%.

Meanwhile, prices for intermediate goods remained unchanged, while capital goods edged up 0.1%, supported by higher prices for motor vehicles, trailers, and semi-trailers.

Excluding energy, import costs went up 0.9% from the previous year.

On a monthly basis, import prices fell by 0.4%, matching the decline in July, compared with expectations of a 0.3% decrease.