Import prices increase by more than 30 percent
Imported goods, primarily gas, electricity and crude oil, are currently expensive. In March, the Federal Statistical Office even recorded the strongest price increase in 48 years.
The upward pressure on prices from foreign trade is continuing. In March, the prices for goods imported into Germany rose by 31.2 percent compared to the same month last year, as reported by the Federal Statistical Office. This is the strongest increase since 1974.
Analysts had expected an average rate of 28.6 percent. In February, import prices rose by 26.3 percent.
Record growth, especially for gas
Energy prices continue to rise particularly sharply. Imported energy was 160.5 percent more expensive in March than a year earlier. The main reason is a sharp increase in natural gas prices, which more than quadrupled year-on-year. The increase of 304.3 percent is a record increase according to the statistics office. Crude oil and petroleum products like gasoline were also significantly more expensive. Imported electricity was 440.8 percent more expensive than in the same month last year, imported hard coal was 307 percent more expensive.
Import prices represent one of several price levels that influence consumer prices. The European Central Bank (ECB) bases its monetary policy on the latter. Due to the currently very high inflation, the ECB has already reduced its purchases of securities. The ECB currently seems to be aiming for a first interest rate hike for the summer.