German Import Price Inflation Accelerates

(RTTNews) - Germany's import price inflation accelerated in July as prices of intermediate goods and energy increased sharply amid tensions in the Middle East, data from Destatis showed Friday.

Import prices increased at a faster pace of 6.8 percent on a yearly basis, following May's 6.1 percent rise.

Import prices rose 0.2 percent from a month ago, in contrast to the 0.7 percent fall in June. Prices were forecast to grow 0.3 percent.

Data showed that intermediate goods prices surged 10.2 percent and energy prices climbed 26.4 percent. Meanwhile, prices of imported agricultural products dropped 2.1 percent and that of consumer goods slid 0.2 percent.

Export prices were 4.2 percent higher than in the previous year, marking the strongest increase since February 2023. This followed a 3.5 percent rise in June and 3.4 percent increase in May. Month-on-month, export prices gained 0.4 percent in July.