German Import Prices Rise the Most in Over 3 Years

Germany’s import prices rose 6.8% year-on-year in May 2026, accelerating from a 5.3% increase in April and matching forecasts. This was the third month of price increases and the fastest pace since December 2022. Energy prices remained the main driver of the overall rise, surging 37.2%, the sharpest increase since October 2022, following a 31.0% rise in April. Notable price growth were recorded for crude oil (59.3%), mineral oil (57.3%), electricity (44.1%), hard coal (12.7%), and natural gas (10.4%). Prices for intermediate goods also rose sharply (10.1% vs 7.8%), driven by higher prices for non-ferrous metals and non-ferrous semi-finished metal products (30.3%), especially precious metals (46.6%). Capital goods also became more expensive (2.2% vs 1.5%). Meanwhile, consumer goods prices continued to fall (-1.3% vs -1.4%), with prices for non-durable goods down 1.7%, while prices for durable goods were unchanged. Monthly, import prices increased 0.7%, easing from a 1.2% rise in April.

Germany’s import prices increased 5.3% year-on-year in April 2026, accelerating sharply from a 2.3% rise in the previous month and in line with market forecasts. This marked the fastest pace since January 2023, driven largely by a 31.0% rise in energy costs, the biggest increase since October 2022, as prices increased for mineral oil products (58.1%), crude oil (47.5%), hard coal (8.1%), and natural gas (6.9%). Intermediate goods prices also climbed 7.8%, driven by increases in non-ferrous metals and semi-finished non-ferrous metal products (27.6%) and precious metals (49.9%). Meanwhile, capital goods prices also rose 1.5%. By contrast, consumer goods prices dropped 1.4%, with both durable (-0.2%) and non-durable goods (-1.7%) declining. Meanwhile, agricultural product costs fell 4.7%, led by sharp declines in raw cocoa (-51.1%) and live pigs (-17.1%). On a monthly basis, import prices rose 1.2%, easing from March’s 3.6% increase but remaining above market expectations of 1.1%.

Germany’s import prices climbed 2.3% yoy in March 2026, rebounding from a 2.3% decline in each of the previous three months and above the forecast of 1.6%. This marked the first increase in import prices since March 2025 and the fastest pace since February 2025, driven largely by a 13.2% rise in energy costs, as prices increased for mineral oil products (41.6%), crude oil (24.6%), and electricity (4.4%). Intermediate goods prices also rose 4.1%, driven by increases in non-ferrous metals and semi-finished non-ferrous metal products (25.8%) and precious metals (58.4%). Capital goods prices also rose 0.6%, while consumer goods prices fell 1.9%, with both durable (-1.1%) and non-durable goods (-2.1%) declining. Meanwhile, agricultural product cost fell 6.2%, led by sharp declines in raw cocoa (-57.8%) and green coffee (-14.4%). Monthly, import prices rose 3.6%, accelerating sharply from February’s 0.3% and above market expectations of 3%, marking the fastest pace since March 2022.