German Import Price Inflation Strongest Since 2023

(RTTNews) - Germany's import prices grew at the fastest pace in more than two years in February, data from Destatis released on Monday.

Import prices rose 3.6 percent on a yearly basis in February, following January's 3.1 percent increase. The import price index registered its fastest growth since January 2023.

The annual growth was largely driven by prices of consumer goods, non-durable consumer goods and agricultural goods.

On a monthly basis, import prices moved up 0.3 percent but slower than the 1.1 percent increase seen in January. This was the weakest growth in the current five-month sequence of expansion.

Further, data showed that export prices were 2.5 percent higher than in the same period last year, marking the largest annual increase recorded since March 2023. This followed January's 2.4 percent increase.

Month-on-month, export price inflation softened to 0.3 percent from 0.7 percent in January.