Imports: Import prices are rising more sharply than they have since December 2022.
The prices for German imports are rising even more sharply than experts had expected. The energy prices in particular are making themselves noticeable and are likely to drive inflation.
Berlin - German import prices surged dramatically in August, climbing 8.3% compared to the same month a year ago, according to the Federal Statistics Office. This marks the highest level since December 2022, surpassing forecasts of a 8.0% increase from Reuters' experts. In July, the rise was 6.8%, and in June, 6.1%. August saw a 1.0% rise in import prices compared to July.
The ongoing war in the Middle East continues to heavily impact energy prices, contributing to the sharp increase. Compared to August 2025, import prices for electrical power rose by 63.9%, mineral oil products by 63.3%, natural gas by 41.9%, crude oil by 32.0%, and coal by 18.3%. The significant price hikes in oil products, including motor oil (+105.1%), diesel fuel and light heating oil (+80.9%), kerosene for jet engines (+77.7%), and gasoline (+52.1%), are particularly notable.
As Germany relies on foreign sources for many raw materials and intermediate goods, rising import prices also influence overall inflation. Experts surveyed by Reuters anticipate the consumer inflation rate in September to hit its highest level in nearly three years at 3.1%, up from 2.9% in August. The fear of a price shock due to expensive oil and gas is resurfacing.
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