German import prices growth accelerated in July - Destatis

The Federal Statistical Office (Destatis) said that the index of import prices increased by 15.0% in July 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since September 1981 (+17.4%). In June 2021 and in May 2021 the annual rates of change were +12.9% and +11.8%, respectively. From June 2021 to July 2021 the index rose by 2.2%.

In July 2021 energy imports were 89.6% more expensive than in July 2020. This high rate of annual change derives from the very low prices in July 2020. The largest influence on the year-on-year rate of energy price increase in July 2021 had natural gas with a plus of 170.5% and crude oil with a plus of 68.9%.

The index of import prices, excluding crude oil and mineral oil products, increased by 12.2% in July 2021 compared with July 2020 and in comparison with June 2021 it rose by 2.0%.

The index of export prices increased by 6.3% in July 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since January 1982 (+6.6%). In June 2021 and in May 2021 the annual rates of change were +5.0% and +4.2%, respectively. From June 2021 to July 2021 the index rose by 1.2%.