Import prices in Germany recorded the fastest rise in the last 40 years

In Germany, the Import Price Index increased by 16.5% compared to the same period of 2020, with the effect of the rise in energy prices in August, showing the fastest annual increase in the last 40 years.

According to the data released by the German Federal Statistical Office (Destatis), the Import Price Index in the country increased by 16.5 percent in August compared to the same period of the previous year and by 1.4 percent compared to the previous month.

Thus, the Import Price Index recorded its strongest annual increase since September 1981, when the oil crisis hit.

INDEX EXCEEDED EXPECTATIONS

The index, which increased by 15 percent annually above the expectations in the markets, increased by 15 percent on an annual basis in July and 12.9 percent in June.

The rapid rise in import prices was caused by the increase in the prices of oil, gas and other energy products due to the base effect.

IMPORT PRICES ARE 93.6 PERCENT MORE EXPENSIVE COMPARED TO LAST YEAR

Destatis stated that energy import prices in August were 93.6 percent more expensive than in August 2020.

"The high annual increase is due to the sharp increase in natural gas prices, especially since July 2020," Destatis said in its statement.

The import price of natural gas increased by 177.5 percent in August compared to the same month of the previous year. This increase was 170.5 percent in July and 150 percent in June.

"The price of crude oil was also significantly more expensive in August, with an increase of 63.6 percent compared to the previous year," the statement said. statement was included.

IMPORT PRICES EXCLUDING ENERGY INCREASED 9.8 PERCENT

The import price of iron ore increased by 96.8 percent year on year, the prices of intermediate goods increased by 20.4 percent and agricultural products increased by 12.2 percent.

In Germany, the Export Price Index increased by 7.2 percent in August compared to the same period of the previous year and by 0.7 percent compared to the previous month.

Analysts predict that import prices may continue to rise in the coming months.