German Import Prices Soar 6.8% in July Amid High Energy Costs

Germay's import prices rose 6.8% year-over-year in July, accelerating from a 6.1% increase in June, according to data from the Federal Statistical Office (Destatis).

The main drivers of the annual increase were energy and intermediate goods, with energy costs pushed up by the ongoing Iran war.

Imported energy prices jumped 26.4% from a year earlier and 1.3% from June, Destatis said. Petroleum product prices surged 47.5% annually, while crude oil rose 22.3%, electricity 19.7%, natural gas 18.8% and hard coal 17.5%.

Prices increased 99% for lubricants and other oils, 62.6% for jet fuel, 52.4% for diesel and light heating oil, and 50.3% for gasoline.