Germany's import prices plummet 14.3% in September 2023

Compared to August 2023, import prices experienced a modest uptick of 1.6 per cent in September 2023.

Energy imports in September 2023 were 47.4 per cent less expensive than in September 2022, although they were 9.7 per cent higher compared to August 2023. Excluding energy prices, import prices were 3.4 per cent lower YoY but showed a slight increase of 0.3 per cent compared to August 2023, as per Destatis.

Prices for imported intermediate goods fell by 8.9 per cent in September 2023 compared to the same month in 2022, and rose 0.2 per cent compared to August 2023. Consumer goods prices were almost flat compared to a year earlier, showing a marginal drop of 0.1 per cent. However, they rose by 0.3 per cent compared to August 2023.

The average prices of imported durable consumer goods decreased by 0.6 per cent YoY but increased by 0.6 per cent compared to August 2023. Conversely, the prices of imported non-durable consumer goods remained relatively stable YoY, with a slight increase of 0.3 per cent compared to August 2023.

YoY export prices fell by 4.1 per cent in September 2023, following a 5.1 per cent decline in August 2023 and a 3.2 per cent drop in July 2023. On a month-to-month basis, export prices rose by 0.4 per cent in September 2023. The index of export prices was 4.1 per cent lower compared to September 2022.

Energy export prices were down a staggering 51.9 per cent compared to September 2022 but saw an increase of 5.4 per cent from August 2023. Exported intermediate goods experienced a YoY decrease of 5 per cent but rose slightly by 0.1 per cent compared to August 2023. Prices of exported consumer goods increased YoY by 1.7 per cent.

ALCHEMPro News Desk (DP)