German import prices hit highest level since 1974
The index of import prices in Germany surged by 32.7% in August, compared to the corresponding month the year before, the Federal Statistical Office Destatis reported on Friday, with the reading marking the highest level since March 1974. In comparison to July's figure, the index rose by 4.3%.
The increase was mostly driven by energy prices, as energy imports jumped by 162.4% year-on-year. The index of import prices, excluding crude oil and mineral oil products, annually gained 30.1%, and 5.6% month-on-month. The year-over-year import prices change was prompted by the raging natural gas prices that skyrocket by 306.3%, followed by crude oil prices, which rose by 58.8%.
Meanwhile, German export prices were up by 18.6% in August against the figure for the corresponding month in 2021, with the monthly increase reaching 2.1%. The export prices rose at the pace of October 1974, during the time of the first oil crisis. Energy exports were 223.3% more expensive than in August 2021, while prices of natural gas drove the year-on-year rate up by 343.4%.