The rise in oil and gas prices is making German imports more expensive than they have been since the second oil crisis in the early 1980s. The import prices rose in October by 21.7 percent compared to the same month last year, as the Federal Statistical Office announced. A similarly high rate had occurred in 1980 in the course of the Islamic Revolution in Iran, when a value of 21.8 percent was reached in January of that year. In September the plus was 17.7 percent, in August 16.5 percent. Experts expect that the increased import costs will also affect consumer prices. Rising oil and fuel prices had already caused the inflation rate to climb to 4.5 percent in October, the highest level in 28 years.
Federal Statistical Office – import prices rise sharply – economy
