German import inflation at highest level in 40 years

Germany’s import price inflation accelerated to its highest rate since 1981 due to higher energy prices, data published by Destatis revealed on Wednesday.

Import prices grew 16.5 per cent on a yearly basis in August, after rising 15 per cent in July.

Economists had forecast annual growth of 16.1 per cent.

This was the highest annual rate seen since September 1981, when prices were up 17.4 per cent.

Month-on-month, import prices were up 1.4 per cent, following a 2.2-per-cent rise in July.

Prices had been forecast to grow 1.2 per cent.

Destatis said energy imports were 93.6 per cent more expensive than in August last year.

Excluding crude oil and mineral oil products, import prices advanced 13.8 per cent.

Data showed that export price inflation rose to 7.2 per cent, from 6.3 per cent in July.

This was also the biggest annual rate since September 1981.

On a monthly basis, export prices grew 0.7 per cent, but slower than the 1.2-per-cent increase logged in July. (dpa-AFX/NAN)

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