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- German import prices rose more than forecast in August
German import prices rose more than forecast in August
According to the report from the Federal Statistical Office (Destatis), the index of import prices increased by 16.5% in August 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year change since September 1981 (+17.4% on September 1980). Economists had expected a 16.1% increase. In July 2021 and in June 2021 the annual rates of change were +15.0% and +12.9%, respectively. From July 2021 to August 2021 the index rose by 1.4%. Economists had expected a 1.2% increase.
In August 2021 energy imports were 93.6% more expensive than in August 2020. The largest influence on the year-on-year rate of energy price increase in August 2021 had natural gas with a plus of 177.5% and crude oil with a plus of 63.6%.
The index of import prices, excluding crude oil and mineral oil products, increased by 13.8% in August 2021 compared with August 2020 and in comparison with July 2021 it rose by 1.6%.
The index of export prices increased by 7.2% in August 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since September 1981 (+7.3% on September 1980). In July 2021 and in June 2021 the annual rates of change were +6.3% and +5.0%, respectively. From July 2021 to August 2021 the index rose by 0.7%.
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