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Germany's import prices declined at the fastest pace in three years in August, data from Destatis showed Friday.
Import prices decreased 2.7 percent year-on-year in August, bigger than the 2.1 percent fall in July.
The rate came in line with expectations. This was the fastest fall since August 2016, when prices were down 2.8 percent.
The annual fall was largely driven by weak energy prices. Import prices of energy had decreased 19.6 percent.
On a monthly basis, import prices dropped 0.6 percent, following a 0.2 percent fall in July. Prices were expected to drop 0.4 percent.
Data showed that export prices fell 0.1 percent on year, reversing last month's 0.2 percent increase. Likewise, prices slid 0.1 percent on a monthly basis offsetting a 0.1 percent rise in July.
