Germany's import prices up 2% year-on-year in December

Import prices in Germany rose by 2.0% on a yearly basis in December, official figures by Destatis revealed on Thursday.

Energy prices rose significantly as electricity went up by 62.2% and natural gas increased by 9% year-on-year in December.

Import prices for nondurable consumer goods rose 4.6%, while intermediate goods increased 1.4% compared to December 2023.

Import prices increased 0.4% month-on-month, which were also affected by the increasing energy prices.

On a yearly average, import prices decreased by 1.2% in 2024, compared to 2023.

Export prices of the country rose both on a yearly and monthly basis, 1.8% and 0.3%, respectively, while on an annual average, they increased 0.3% in 2024.