Expensive energy: import prices are rising as sharply as they have not since the end of 2022
Germany imports many raw materials from abroad and is feeling the effects of higher energy prices due to the Iran war. This is likely to have consequences for consumers as well.
Wiesbaden – In contrast to expectations, Germany's import prices have risen sharply due to the Iran war. The German Federal Statistical Office reported that import prices surged by 8.3% in August compared to the previous year. This marked the largest increase since December 2022, with economists anticipating only an 8% rise. The most significant factor in this surge was the 43.0% increase in energy prices, a 7.5% jump from July 2026.
Other factors contributing to the increase included a 11.0% rise in intermediate goods (0.6% more than July) and a 1% increase in import prices compared to the previous month, which is more than anticipated. As import prices tend to influence consumer prices, which the European Central Bank (ECB) uses for monetary policy, rising import prices could push Germany's inflation rate above 3.0% in September, the highest level since late 2023. The statistics were released by the Federal Statistical Office on Wednesday.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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