As of: 09/29/2021 11:18 a.m.
A massive increase in the price of natural gas and crude oil in particular drove up import prices massively in August. According to the Federal Statistical Office, they rose as much as they did during the oil crisis 40 years ago.
German imports rose more in August than they have been in 40 years due to significantly higher prices for oil and gas. The import prices rose by 16.5 percent compared to the same month last year, as the Federal Statistical Office announced. In July the plus was 15.0 percent.
The last time there was a stronger increase was in September 1981 in the wake of the second oil crisis. At that time, an increase of 17.4 percent was recorded.
Expected consequences for cost of living
“When this will ebb away, it is difficult to say,” explained financial expert Silke Tober from the union-related Institute for Macroeconomics and Business Cycle Research (IMK). The underlying price increases for semiconductors, for example, are temporary. However, the development is likely to continue until the beginning of next year or in some cases even into the second half of 2022.
Experts expect that imports, which have become more expensive, will also have an impact on the cost of living for German consumers. At 3.9 percent, the inflation rate is currently at its highest level since 1993. Many economists assume that it will move in the direction of five percent in the coming months.
Energy particularly expensive
The sharp rise in import prices is primarily due to the development of energy: Imports were 93.6 percent more expensive than in August 2020. The price premium for natural gas was particularly high at 170.5 percent, while there was one for crude oil Plus of 63.6 percent. Without taking energy into account, import prices rose by only 9.8 percent.
Much more had to be paid for many intermediate goods. Iron ores, sawn and planed wood, pig iron, steel and ferro-alloys as well as raw aluminum all cost considerably more than a year earlier.
The prices for imported agricultural goods also rose noticeably: natural rubber, green coffee and grain were much more expensive than in August 2020.