28.02.202306:26:00UTC+00Germany Import Price Inflation At 23-Month Low

Germany's import price inflation eased to a near two-year low in January due to slower growth in energy and intermediate goods prices, data released by Destatis showed on Tuesday.

Import prices grew 6.6 percent from the last year, much weaker than the 12.6 percent increase in December. Moreover, the 6.6 percent was the slowest annual growth since February 2021.

On a monthly basis, import prices dropped 1.2 percent, following a 1.6 percent fall in December. Prices were forecast to ease 1.5 percent. This was the fifth consecutive fall in prices.

There was a sharp slowdown in import price inflation of energy and intermediate goods. Energy prices grew only 8.1 percent and intermediate goods prices rose 4.7 percent.

Import prices of capital goods gained 6.2 percent and that of consumer goods by 8.8 percent.

Data showed that export price inflation slowed to 7.8 percent in January from 10.6 percent in the previous month.

Month-on-month, export prices were down 0.8 percent, in contrast to the 0.1 percent gain in December.