In December 2024, German import prices rose by 2.0% year-on-year, following a 0.6% increase in the previous month.
German import prices rise 2.0% in December
This exceeded market expectations of a 1.9% rise and marked the second consecutive month of import price inflation. The latest figure also represented the highest year-on-year increase in import prices since February 2023. Consumer goods experienced the most significant rise, climbing 4.1% compared to 3.4% in November, which is essential in driving the overall import price increase. Additionally, the prices of intermediate goods (1.4% vs. 1.1%) and capital goods (0.5% vs. 0.1%) also grew faster than in November.
Energy prices, on the other hand, rose 0.4%, recovering from an 8.2% decline in November. Notable price hikes were in natural gas (9.0%) and electricity (62.2%).
German import prices rise 2.1% YoY, growth slows
Excluding energy, import prices were 2.1% higher compared to December 2023. Every month, import prices increased by 0.4%, surpassing market forecasts of 0.3% and marking the third consecutive month of growth, although it was the slowest pace in that sequence.
