Germany's June import prices 11.4% lower YoY; export prices 0.9% down

The decline is primarily due to a base effect originating from the high price level last year as a result of the war in Ukraine.

The YoY rate of change for import prices was minus 9.1 per cent in May this year, and minus 7 per cent in April. Compared with March this year, import prices also decreased notably by 1.6 per cent in June, Destatis said in a release.

Export prices in the month were down by 0.9 per cent YoY. They changed only slightly from May this year.

Energy imports in June this year cost 44.9 per cent less than in June last year and were 6.6 per cent less expensive than in May this year. This was a significant contributor to the decline in the overall index compared with the same month a year earlier and the previous month.

Natural gas influenced the most the YoY rate of change for energy, with prices in June this year 50.6 per cent lower than they were in June last year. Compared with May this year, they were down by 15.5 per cent.

All other imported energy sources were also considerably less expensive than in the same month a year earlier.

The prices of imported intermediate goods were 8.8 per cent lower YoY in June this year. Compared with May this year, they were down by 1.4 per cent.

The prices of consumer goods were 2.7 per cent higher during the month than a year earlier. Compared with May 2023, they were down 0.4 per cent.

ALCHEMPro News Desk (DS)