German import price index rose sharply in May

As reported by the Federal Statistical Office (Destatis), the index of import prices increased by 11.8% in May 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since October 1981 (+13.6%). In April 2021 and in March 2021 the annual rates of change were +10.3% and +6.9%, respectively. From April 2021 to May 2021 the index rose by 1.7%. Economists had expected a 1.3% increase.

In May 2021 Energy imports were twice as expensive as in May 2020. This high rate of annual change derives from the very low prices in May 2020. The largest influence on the year-on-year rate of energy price increase had crude oil with a plus of 135.0%.

The index of import prices, excluding crude oil and mineral oil products, increased by 8.0% in May 2021 compared with May 2020 and in comparison with April 2021 it rose by 1.4%.

The index of export prices increased by 4.2% in May 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since March 2011 (+4.4%). In April 2021 and in March 2021 the annual rates of change were +3.3% and +2.2%, respectively. From April 2021 to May 2021 the index rose by 0.7%.