Import prices in Germany rise on monthly basis in October

(MENAFN) Germany experienced a rise in import prices during October, with a 0.6 percent increase on a monthly basis, as reported by the federal statistical authority, Destatis, on Friday. This uptick marked a shift in pricing trends, influenced by various factors, including significant changes in energy costs and commodity prices.

Energy prices, in particular, saw a sharp increase between September and October. Heating oil prices surged by 4.9 percent, while petrol costs rose by 4.5 percent, reflecting heightened demand and fluctuations in global energy markets. Additionally, nondurable consumer goods and intermediate goods saw price hikes of 0.5 percent compared to the previous month, contributing to the overall rise in import prices.

Despite the monthly increase, import prices declined by 0.8 percent when compared to October of the previous year. This annual decrease was largely attributed to reduced energy costs, which have moderated from their peak levels. Lower energy prices on a year-on-year basis have offered some relief to industries reliant on imports.

Meanwhile, export prices for German goods demonstrated a consistent upward trend. On an annual basis, export prices rose by 0.6 percent, while they increased by 0.3 percent compared to September. This dual rise underscores the resilience of Germany's export sector, likely benefiting from stable demand and the country's robust industrial base.

MENAFN01122024000045015839ID1108942573