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%.