German import prices up 0.3% MoM in September

Wednesday, 28. October 2020 08:00

The index of import prices for Germany increased by 0.3% in September compared to the previous month, the country's Federal Statistical Office (Destatis) revealed in its report published on Wednesday. On the other hand, the yearly decline of the index was extended to 4.3%. However, both the monthly and the yearly figures surpassed the estimates.

The annual decline in import prices was mainly influenced by import prices for energy, which plunged 29.7%. Oil had the greatest influence, tumbling 32.5% on lowered demand prompted by the coronavirus-related lockdown measures. "Price decreases for intermediate goods overall, but significant price increases for precious metals compared to the previous year," the report noted.

Germany's export prices rose 0.1% on a monthly basis, but dropped 1.1% year-on-year.

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