Status: 11/01/2022 10:28 a.m
The recent strong increase in import prices has weakened somewhat. In September, import prices fell for the first time since 2020 compared to the previous month.
For the first time since April 2020, import prices have fallen compared to the previous month. In September, prices fell by 0.9 percent compared to August, according to the Federal Statistical Office. Nevertheless, inflation remains at a historically high level, albeit with less momentum: compared to the previous year, German imports rose by 29.8 percent.
Experts surveyed by the Reuters news agency had expected an increase of 31 percent. In August, import prices rose by 32.7 percent. That was the highest increase since March 1974.
Energy imports massively more expensive
Against the background of the Russian war against Ukraine, the biggest price driver remains energy: its imports rose by 135.1 percent in September. “The high increase compared to the previous year is still primarily due to the strong price increases for imported natural gas,” the statisticians explained. These prices were three and a half times as high as in September 2021. However, they fell by 3.0 percent in August.
There was a strong change in the prices for imported electricity. Although this rose by around 172 percent year-on-year, it was 25 percent cheaper than in August.
Consumer prices will continue to rise sharply
Overall, there are signs that inflation will remain very high in the coming months. Also as a result of the sharp rise in energy prices, many companies want to pass on the higher costs to their customers, as a recent survey by the ifo Institute revealed. After that, food retailers in particular are planning price increases. In October, inflation was 10.4 percent, the highest since 1951. From 2023, the gas and electricity price brake announced by the federal government should take effect and dampen annual inflation somewhat.
The import prices therefore also influence the development of consumer prices, on which the European Central Bank (ECB) bases its monetary policy. In the fight against the very high inflation, the ECB has recently raised its key interest rate significantly.