Germany's import prices drop 13% YoY in October 2023

Energy imports in October 2023 cost 43.5 per cent less than in October 2022 but were 1.8 per cent more expensive than in September 2023. Natural gas had the biggest influence on the YoY rate of change for energy, with prices in October 2023 65.3 per cent lower than they were in October 2022. Compared with September 2023, natural gas prices were up 4.3 per cent, the Federal Statistical Office (Destatis) said in a press release.

All other imported energy sources were also considerably less expensive than in the same month a year earlier—the prices of hard coal fell by 45.2 per cent, electricity by 43.3 per cent, mineral oil products by 21.1 per cent, and crude oil by 9.4 per cent.

Compared with the previous month, the prices of hard coal at 8.3 per cent and crude oil at 3.0 per cent also increased in addition to the prices of natural gas. By contrast, the price of electricity dropped significantly by 14.4 per cent, and mineral oil products cost 4.7 per cent less than in the previous month.

When energy prices are excluded, import prices in October 2023 were 3.3 per cent lower than in October 2022. Compared with September 2023, they were up 0.1 per cent. If only crude oil and mineral oil products are not considered, the import price index was 12.9 per cent below the level of the previous year at 0.4 per cent compared with September 2023.

On average, the prices of imported durable consumer goods were 0.6 per cent lower than a year earlier. Compared with September 2023, they were up 0.5 per cent.

Imported non-durable consumer goods were 0.7 per cent less expensive than a year before at 0.2 per cent compared with September 2023.

The index of export prices in October 2023 was 2.4 per cent lower than in October 2022. The YoY rate of change was -4.1 per cent in September 2023, and -5.1 per cent in August 2023. Compared with September 2023, export prices fell slightly by 0.1 per cent in October 2023.

Energy export prices were 34.9 per cent lower in October 2023 than a year earlier; -1.5 per cent on September 2023. As with import prices, the sharp drop in natural gas prices at -49.1 per cent was the main reason for the YoY decline in energy export prices. Natural gas was exported at much higher prices at 9.9 per cent compared with the previous month. Mineral oil products continued to be less expensive than a year earlier at -19.2 per cent. The prices of mineral oil products also declined again compared with the previous month at -4.4 per cent on September 2023, after having risen consistently month-on-month from May to September 2023.

ALCHEMPro News Desk (NB)