German Import Prices Fall the Most Since 2024

Germany’s import prices fell by 2.3% year-on-year in January 2026, unchanged from December. It remained the steepest drop since March 2024, weighed down by a decline in energy costs (-21.1%) amid lower prices for crude oil (-24.5%), natural gas (-23.1%), and petroleum products (-16.8%). Excluding energy prices, import prices still fell by 0.1% in January. Moreover, prices for agricultural goods declined by 6.5%, dragged down by reduced prices for raw cocoa (-46.4%), live pigs (-26.5%), and grains (-8.2%). Consumer goods prices dropped 2.7%, with durable goods falling 2.5% and non-durable goods declining 2.7%. In contrast, intermediate goods prices rose 2.8%, primarily due to higher costs for precious metals and their semi-finished products (65.2%), as well as non-ferrous metals and their semi-finished products (25.9%). On a monthly basis, import prices increased by 1.1% in January, exceeding market expectations of a 0.6% gain and rebounding from a 0.1% decline in December.

Germany’s import prices dropped 2.3% yoy in December 2025, following a 1.9% decline in November and compared with expectations of a 2.6% fall. This marked the ninth consecutive month of declining import prices and the steepest drop since March 2024, driven largely by a sharp fall in energy costs (-20.6%), particularly natural gas (-23.4%), crude oil (-23.2%), hard coal (-20.9%), electricity (-14.0%), and mineral oil products (-13.1%). Excluding energy, import prices were down 0.3%. Prices for capital goods also decreased by 0.5%, while agricultural imports shrank 2.8%, largely weighed down by a 35.4% plunge in raw cocoa. Consumer goods dropped 1.4%, with durable and non- durable goods prices declining 2.5% and 1.1%, respectively. By contrast, intermediate goods rose by 1.2%. On a monthly basis, import prices edged down 0.1% in December, softer than expectations of a 0.4% decline, reversing a 0.5% increase in November. For the full year 2025, import prices averaged fell by 0.3%.

Germany’s import prices fell 1.9% year on year in November 2025, following a 1.4% decline in the previous month. This marked the eighth consecutive month of falling import prices and the steepest drop since March 2024, driven largely by a sharp decline in energy costs (-15.7%), particularly crude oil (-21.7%), hard coal (-20.9%), electricity (-10.6%), and mineral oil products (-7.2%). Excluding energy, import prices were down 0.3%. Prices also decreased for capital goods (-0.5%), while agricultural imports fell 3.2%, largely weighed down by a 28.0% slump in raw cocoa. Consumer goods declined 0.3%, with non-durable and durable goods prices falling 0.1% and 1.5%, respectively, driven mainly by a 22.2% drop in olive oil prices. Conversely, intermediate goods prices edged up slightly (0.3%). On a monthly basis, import prices climbed 0.5% in November, beating market expectations of a 0.1% rise, after a 0.2% increase in October and marking the fastest monthly gain in 10 months.