Germany’s import prices down by 9% year-on-year in November

ISTANBUL

Germany's import prices went down by 9% in November on a yearly basis, the country’s statistical authority said on Friday.

The German Federal Statistical Office (Destatis) said that the decline is primarily due to a “base effect” originating from last year’s high price increases, related to the Russian war on Ukraine.

Compared to October, however, import prices slightly decreased by 0.1%.

Export prices also fell on a yearly basis by 2.2%, as well as month-on-month by 0.2%.

Energy imports in November cost 31.7% less than the same month last year, while 1.4% more expensive than the previous month, the statistical office said.

Natural gas prices were 47% lower than they were in November 2022, while the prices of electricity by 47.3%, crude oil by 13.4%, hard coal by 31.6%, and mineral oil products by 17%.

On a monthly basis, electricity became 4% more expensive, and hard coal cost 0.4% more, however, the prices of crude oil decreased by 6.7% and mineral oil products by 6.5%.