Due to cheap energy imports, German import prices fell more sharply in November than they had in around a year and a half. Compared to November last year, they fell by 1.9 percent, like that Federal Statistical Office announced. “This was the largest year-on-year decline since March 2024,” it said.
After a decline of 1.4 percent in October, experts had even expected a decline of 2.2 percent. From October to November, import prices rose by 0.5 percent.
Energy prices fell and food became more expensive
Energy imports had the greatest influence on development. These fell by 15.7 percent compared to the same month last year. Crude oil cost 21.7 percent less, natural gas prices fell by 15.6 percent and electricity prices by 10.6 percent. Mineral oil products such as gasoline were also 7.2 percent cheaper. If one ignores the discounted energy imports, import prices only fell by 0.3 percent.
Food, on the other hand, became more expensive an average of 2.8 percent. Coffee cost 36.2 percent more than in the same month last year, shelled hazelnuts were 62.7 percent more expensive. Prices for beef rose by 24.8 percent, for orange juice by 23.0 percent and for poultry meat by 17.1 percent. Products that were cheaper than in November 2024 included olive oil (minus 22.2 percent), sugar (minus 16.2 percent) and pork (minus 12.5 percent).
Import prices also influence the inflation rate
There The German economy imports many intermediate products and raw materials from abroadimport prices sooner or later also have an influence on general inflation in Germany.
In November it stagnated Inflation rate in consumer prices at 2.3 percent. Prices for services have recently risen particularly sharply, rising by 3.5 percent. One reason for this, according to economists, is the staff shortage in many service companies, which leads to higher wage costs. These are then passed on to customers.
