German Import Prices Soar 6.8% Amid Energy Cost Pressures
Germany's import prices rose by 6.8% in July compared to last year, driven largely by energy costs, according to data released by Destatis.
The biggest contributors to this increase were petroleum product prices, which surged 47.5% annually, and crude oil, which rose 22.3%. Electricity, natural gas, and hard coal also saw significant price hikes, with increases of 19.7%, 18.8%, and 17.5% respectively.
The war on Iran has continued to drive up energy costs, pushing imported energy prices up by 26.4% from last year and 1.3% from June. Petroleum product prices became 10.2% more expensive compared to June, with diesel and light heating oil rising 14.9% and jet fuel increasing 14.1%.
Excluding energy costs, import prices still rose by 4.8% year-over-year and 0.1% month-over-month. Export prices in Germany also climbed 4.2% annually in July, the strongest increase since February 2023, with energy export prices surging 27.2% annually.