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Germany's import prices declined at the fastest pace in more than two years in October, data from Destatis revealed Wednesday.
Import prices decreased 3.5 percent year-on-year in October, faster than the 2.5 percent decline seen in September.
The rate of decrease came in line with expectations. This was the biggest fall since July 2016, when prices decreased 4.1 percent.
The fall was largely driven by a 23.4 percent annual decrease in energy prices. Excluding energy, import prices were down 0.4 percent.
On a monthly basis, import prices dropped 0.1 percent, as expected, but in contrast to a 0.6 percent rise in September.
Data showed that export prices fell 0.2 percent on year after staying flat in September. Month-on-month, export prices remained unchanged in October following a 0.1 percent rise.
