German Import Prices Ease from 2-1/2-Year High

Germany’s import prices rose 6.1% yoy in June 2026, easing from May’s 6.8%, which had marked the strongest gain since December 2022. The latest reading was slightly above market expectations of 6.0%, extending the current streak of annual gains to four months. Energy prices remained the main driver, though their pace slowed (23.9% vs 37.2% in May), with notable rises in electricity (70.8%), petroleum (36.0%), crude oil (32.1%), hard coal (12.1%), and natural gas (8.3%). Cost of intermediate goods accelerated (10.3% vs 10.1%), due to higher prices of non-ferrous metals and semi-finished products (27.5%), including precious metals (34.5%) and copper (30.3%). Capital goods inflation also strengthened (2.9% vs 2.2%). By contrast, consumer goods prices continued to fall (-0.8% vs -1.3%), as non-durable goods dropped 1.2% while durable goods rose 0.7%. Monthly, import prices slipped 0.7%, reversing May’s 0.7% rise and signaling the first monthly drop since December, in line with estimates.

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%.