German Import Prices at Near 4-Year High

Germany's import prices rose 8.3% year-on-year in August 2026, accelerating from 6.8% in the previous month and exceeding market expectations of 8%. This marked the highest level since December 2022, driven largely by a sharp rise in energy costs (43% vs 26.4% in July) amid ongoing tensions in the Middle East. Electricity prices surged 63.9%, while petroleum products (63.3%), natural gas (41.9%), crude oil (32.0%), and hard coal (18.3%) also posted substantial gains. Prices for intermediate goods climbed 11%, up from 10.2% in the previous month, led by a 29.1% increase in non-ferrous metals and related semi-finished products. Meanwhile, consumer goods prices continued to decline (-0.5% vs -0.2%), as lower prices for non-durable goods (-0.9%) outweighed a 1.2% rise in durable goods costs. On a monthly basis, import prices increased to 1% from 0.2% in July, beating forecasts of 0.7% and marking the highest reading since April.

Germany’s import prices increased 6.8% yoy in July 2026, accelerating from June’s 6.1%, marking the fifth consecutive month of growth. The latest reading was at the same pace as in May, marking the fastest increase since December 2022. Energy prices remained the main driver (26.4% vs 23.9% in June), with notable rises in mineral oil (47.5%), crude oil (22.3%), electricity (19.7%), hard coal (17.5%), and natural gas (18.8%). Capital goods inflation also strengthened (3.5% vs 2.9%). The cost of intermediate goods eased slightly (10.2% vs 10.3%), with prices rising for non-ferrous metals and semi-finished products (26.0%), including precious metals (25.1%) and copper (33.3%). By contrast, consumer goods prices continued to fall (-0.2% vs -0.8%), as non-durable goods dropped 0.5% while durable goods rose 1.5%. On a monthly basis, import prices rose 0.2%, after a 0.7% fall in June and matching forecasts.

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.