Germany's import prices increased at the fastest pace in more than a decade in April

According to the report from the Federal Statistical Office (Destatis), the index of import prices increased by 10.3% in April 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since December 2010 (+10.3%). In March 2021 and in February 2021 the annual rates of change were +6.9% and +1.4%, respectively. From March 2021 to April 2021 the index rose by 1.4%.

Energy imports were 101.3% more expensive in April 2021 than in April 2020. This high rate of annual change derives from the very low prices in April 2020. This increase is due to the extremely low price level of the comparative month (base effect). The largest influence on the year-on-year rate of energy price increase had crude oil with a plus of 198.0%, mineral oil products with a plus of 76.6 % and natural gas with a plus of 57.6 %. In addition, the price of electricity increased significantly by 209.6%.

The index of import prices, excluding crude oil and mineral oil products, increased by 6.0% in April 2021 compared with April 2020 and in comparison with March 2021 it rose by 1.5%.

The index of export prices increased by 3.3% in April 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since May 2011 (+3.4%). In March 2021 and in February 2021 the annual rates of change were +2.2% and +0.7%, respectively. From March 2021 to April 2021 the index rose by 0.8%.