WIESBADEN / LONDON (IT BOLTWISE) – Import prices in Germany fell again in September, but less sharply than experts forecast. The decline was 1.0 percent year-on-year, while analysts had expected a steeper decline of 1.4 percent. Falling energy prices in particular had a significant impact on this development.
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Import prices in Germany fell again in September, but the decline was weaker than experts expected. According to the Federal Statistical Office in Wiesbaden, prices for imported goods fell by 1.0 percent compared to the previous year. Analysts had forecast a steeper decline of 1.4 percent after prices fell 1.5 percent in August.
The main reason for the fall in import prices is the fall in energy prices. These fell by 11.0 percent compared to the previous year and therefore have the greatest influence on overall development. All energy sources were cheaper in September: hard coal recorded a price decline of 18.6 percent, crude oil by 14.6 percent, natural gas by 11.2 percent and electricity by 6.3 percent.
Interestingly, import prices increased by 0.2 percent month-on-month, although experts had expected a decline of 0.2 percent. This development shows that the pricing of imported goods is more complex than just influenced by energy prices. Without taking energy prices into account, import prices would have actually increased slightly year-on-year.
Import prices have a direct impact on consumer prices, which in turn influence the monetary policy of the European Central Bank (ECB). Inflation in Germany weakened slightly in October, with consumer prices 2.3 percent higher than in the same month last year. This is down from the inflation rate of 2.4 percent in September.
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