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Import and export prices dropping in Germany

The German import price index was up by 2.9% in October 2008 as compared to October last year. This is the smallest increase so far this year. Back in August and September the annual inflation rate for import prices was 9.3% and 7.6%. In the period from September to October this year import prices fell by -3.6%.

This price drop is in particular due to falling prices for energy (-15.8% as compared to September this year) and raw materials (-13.0% since September 2008).

Prices for crude oil and mineral oil imports fell by 24.8% and 20.8% respectively since September 2008. Prices for hard coal dropped by -3.3%. Prices for natural gas, on the other hand, increased by 4.5% since September and by 60.0% as compared to October 2007. The annual import price increase for the entire energy sector was +10.3%. Without taking into account crude oil and mineral oil products the import price index was up by 4.1% in October this year as compared to October 2007 and down by -0.2% as compared to September 2008.

The export price index was up by 2.0% in October 2008 as compared to October 2007. In September and August this year the annual import price changes were +2.8% and +2.9%. In the period from September to October this year the export price index fell by 0.7% which is the biggest month-to-month decrease in more than 40 years. GERMAN