Perspectives
- Germany’s import prices decreased by 0.8 percent YoY in October but increased by 0.6 percent YoY and 0.9 percent MoM in November.
- November had a 1.2% YoY increase in export prices, while October saw a 0.6% YoY increase.
- In November, these increased by 0.3% month over month.
- The largest influence on the overall evolution of import prices in November was the 8.2% YoY decline in energy costs.
Germany’s import prices increased by 0.6% YoY and 0.9% MoM in November of this year, but fell by 0.8% YoY and 1.3% in October and September, respectively, according to the Federal Statistical Office (Destatis).
This year, export prices rose 1.2% year over year in November, 0.6% year over year in October, and 0.4% year over year in September. In November, these increased by 0.3% month over month.
The largest influence on the overall evolution of import prices in November was the 8.2% YoY decline in energy costs.
In November 2024, import costs were up 0.5% month over month and 1.7% year over year when energy prices are taken out of the equation. The import price index increased 1.4% year over year and 0.8% month over month when just crude oil and mineral oil products are excluded.
According to a Destatis report, consumer goods import prices increased 3.4% year over year and 0.9% month over month in November of this year.
The import costs of non-durable consumer goods were 4% higher YoY and 1% higher MoM, whereas the prices of durable consumer goods grew by just 1.2% YoY and 0.6% MoM when compared to November 2023.
In November, energy export prices were 10.6% lower year over year, but they rose significantly by 7.7% month over month.