According to the report from the Federal Statistical Office (Destatis), in December, the import price index rose by 2.0% per year after an increase of 0.6% per year in November. The latest increase was the most significant since February 2023 (when the index grew by 3.1% per year). Economists had expected a 1.9% increase. Meanwhile, on a monthly basis, the growth in import prices slowed to 0.4% from 0.9% in November. Consensus estimates suggested an increase of 0.3%. On an annual average basis, import prices were 1.2% lower in 2024 than in 2023.
Destatis reported that the increase in consumer goods prices (+4.1% per annum compared to +0.5% per annum in November) had the biggest impact on the overall development of import prices in December. The prices of imported non-durable consumer goods increased by 4.6% per annum, while durable consumer goods cost 2.0% more than a year earlier. In the non-durable consumer goods category, the prices of food (+10.2%), in particular, were markedly higher than in December 2023. The prices of intermediate goods increased by 1.4% per annum (+0.1% in November), while capital goods prices increased 0.5% per annum (+0.2% in November). Energy imports were also more expensive than in December 2023 (+0.4%). Compared with November, prices here were up 1.3%, on average. The data also showed that when energy prices are excluded, import prices in December were 2.1% higher than in December 2023. They were up 0.3% compared with November 2024.
Meanwhile, the export price index rose by 1.8% per annum in December after increasing by 1.2% per annum in November. On a monthly basis, the export price index increased by 0.3%.