Germany’s import prices increased by 0.6% year-on-year (YoY) and 0.9% month-on-month (MoM) in November 2024, following a decline of 0.8% YoY in October. The rise was mainly driven by higher consumer goods prices, up 3.4% YoY. However, a significant 8.2% drop in energy prices YoY contributed to moderating the overall price increase. When energy is excluded, import prices saw a 1.7% YoY increase.
Export prices also rose 1.2% YoY in November, with a slight 0.3% MoM increase. Energy exports saw a drop of 10.6% YoY but surged by 7.7% MoM.
Key insights include:
- Energy prices: A major factor in the overall import price trend, with an 8.2% YoY decline in November.
- Consumer goods: Prices rose by 3.4% YoY, driven by non-durable goods (+4% YoY).
- Excluding energy: Import prices increased by 1.7% YoY, signaling a broader rise in goods beyond energy.
These figures reflect ongoing inflationary pressures, but also indicate shifts in specific sectors like energy and consumer goods.
