German import prices rise 6.8% in July, led by high energy costs

Mucahithan Avcioglu

Germany’s import prices rose 6.8% year-on-year in July, accelerating from a 6.1% increase in June, the Federal Statistical Office, Destatis, said Friday.

On a monthly basis, import prices increased 0.2%, below market expectations of a 0.3% rise.

Energy and intermediate goods were the main drivers of the annual increase as the Iran war continued to push up energy costs.

Imported energy prices jumped 26.4% from a year earlier and 1.3% from June, according to Destatis.

Petroleum product prices surged 47.5% annually, while crude oil rose 22.3%, electricity 19.7%, natural gas 18.8% and hard coal 17.5%.

Prices increased 99% for lubricants and other oils, 62.6% for jet fuel, 52.4% for diesel and light heating oil, and 50.3% for gasoline.

Compared with June, petroleum products became 10.2% more expensive, led by increases of 14.9% for diesel and light heating oil and 14.1% for jet fuel.

Crude oil prices, however, fell 7.7% month-on-month, Destatis said.

Imported intermediate goods cost 10.2% more than a year earlier, reflecting sharp increases in non-ferrous metals, plastics and electronic components.

Prices rose 33% for copper and semi-finished copper products, 25.1% for precious metals and 20.4% for aluminum.

Excluding energy, import prices increased 4.8% year-on-year and 0.1% month-on-month.

Meanwhile, Germany’s export prices climbed 4.2% annually in July, the strongest increase since February 2023, following a 3.5% rise in June.

Export prices rose 0.4% from the previous month. Energy export prices surged 27.2% annually, while prices for exported intermediate goods increased 6.5%.