(MENAFN) Germany experienced a 3.6 percent drop in import prices last month compared to March 2023, as revealed by data released by the country's statistical office on Tuesday. This decline follows a trend of decreasing import prices, with a year-on-year rate of change recorded at minus 4.9 percent in February 2024 and minus 5.9 percent in January 2024, according to Destatis. Conversely, export prices in March 2024 were 1 percent lower than they were in the same month the previous year.
Destatis highlighted that the reduction in import prices was primarily influenced by a decrease in the prices of imported intermediate goods compared to the previous year, registering a significant decline of 5.9 percent in March 2024. This decline was particularly notable in various categories of goods, including fertilizer and nitrogen compounds, which fell by 21.1 percent, paper and paperboard with a 14.4 percent decrease, metals with a decline of 10.9 percent, and plastics in primary forms, which decreased by 10.7 percent.
Additionally, energy import prices experienced a notable decline of 15.1 percent in March 2024 compared to March 2023. This reduction reflects ongoing fluctuations in energy prices, contributing to the overall decline in import prices observed during the period.
The latest data on consumer inflation, announced by Destatis on Monday, indicated that consumer prices in the country rose by 2.2 percent this month. These developments in import and consumer prices provide insights into the broader economic trends and dynamics influencing Germany's economy.
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