Germany Import Prices Continue To Decline

Germany's import prices continued to fall in October but the large decreases primarily reflect higher base of comparison, Destatis reported Wednesday.

Import prices posted an annual fall of 13.0 percent in October after a 14.3 percent decrease in September. Prices have been falling since March.

"The large decreases are still primarily due to a base effect originating from the high price increases in 2022 as a result of the war in Ukraine," Destatis said.

Month-on-month, import prices advanced 0.3 percent after rising 1.6 percent in September.

Cost of energy imports were 43.5 percent cheaper than the same period last year. Excluding energy prices, import prices dropped 3.3 percent annually, data showed.

Export prices were down 2.4 percent annually, following September's 4.1 percent decrease. On a monthly basis, prices registered a 0.1 percent drop, reversing a 0.4 percent gain in September.

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