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- Germany's import price index rose sharply in March
Germany's import price index rose sharply in March
As reported by the Federal Statistical Office (Destatis), the index of import prices increased by 6.9% in March 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since April 2011 (+7.7%). In February 2021 and in January 2021 the annual rates of change were +1.4% and -1.2%, respectively. From February 2021 to March 2021 the index rose by 1.8%.
Energy imports were 56.7% more expensive in March 2021 than in March 2020. This high rate of annual change derives from the very low prices in March 2020, which were caused by a corona related drop of demand and a strong surplus of supply throughout Europe. The largest influence on the year-on-year rate of energy price increase had crude oil with a plus of 100.5%, natural gas with a plus of 35.8 % und mineral oil products with a plus of 36.6 %. In addition, the price of electricity increased significantly by 113.6%.
The index of import prices, excluding crude oil and mineral oil products, increased by 3.8% in March 2021 compared with March 2020 and in comparison with February 2021 it rose by 1.4%.
The index of export prices increased by 2.2% in March 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since April 2017 (+2.6%). In February 2021 and in January 2021 the annual rates of change were +0.7% and +0.1%, respectively. From February 2021 to March 2021 the index rose by 0.8%.
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