Ekonomické zprávy
26.11.2021

German import prices growth accelerated sharply in October

According to the report from IHS Markit, in October, the growth of the German import price index accelerated to 21.7% per annum compared with +17.7% in September. The last increase was the highest since January 1980 (then import prices increased by 21.8% per annum). Meanwhile, on a monthly basis, the import price index increased by 3.8% in October after rising by 1.3% in September. Economists had expected a 2.0% increase

Destatis reported that in October, the cost of energy imports jumped by 141.0% compared to the same period in 2020. The catalysts for this were the increase in the cost of natural gas (+193.9% per annum) and crude oil (+105.9% per annum).

The report also showed that the basic import price index, which does not take into account the prices of crude oil and petroleum products, increased in October by 17.5% per annum and by 3.0% on a monthly basis.

Meanwhile, the export price index rose in October by 9.5% per annum - the largest increase since January 1975 (+10.5% per annum) - after an increase of 8.1% in September. On a monthly basis, the export price index increased by 1.4%.

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