Germany's import prices see highest increase since 1973

ISTANBUL

Germany's import prices increased by 32.7% year-on-year in August, seeing the highest annual rise since March 1974.

The Federal Statistical Office Destatis said the import prices were also up by 4.3% on a monthly basis in August.

Energy import prices jumped by 162.4% in August versus the same month last year, while natural gas posted the largest increase among energy items with 306.3%, it noted.

"The index of import prices, excluding crude oil and mineral oil products, increased by 30.1% in August 2022 compared with August 2021 and rose by 5.6% in comparison with July 2022," Destatis added.

Meanwhile, the country's export prices rose by 18.6% in August on an annual basis.