July: -0.2% m/m, +9.9% y/y
June: +0.9% m/m, +9.1% y/y
—
BERLIN (MNI) – Import prices in Germany fell somewhat less than
generally expected in July, boosting the annual import inflation rate to
its highest level since November 2000, the Federal Statistical Office
reported on Friday.
On the month, imports dropped 0.2%, which left prices 9.9% higher
compared to the same month one year ago.
Upward pressure came mainly from energy prices, which rose 30.4%
y/y and 0.1% m/m. Crude oil was up 35.4% y/y but down 0.1% m/m, while
mineral oil products rose 27.5% y/y and fell 5.6% m/m. Natural gas
prices climbed 29.0% y/y and 4.7% m/m.
Import prices excluding crude oil and mineral oil products were up
7.5% y/y and flat on the month.
Commodities (ex-food and mineral combustibles) were up 35.5% y/y
and down 0.1% m/m. In the foods sub-category, raw coffee prices climbed
37.1% y/y and 3.7% m/m, while crop prices rose 18.5% y/y and 13.2% m/m.
In the longer-term, energy prices are likely to remain contained,
owing to an abundant supply of both oil and gas that is expected until
2015.
However, food and other commodities could at least partially offset
the impact of weaker energy prices on overall import price inflation
over the long run.
Export prices in July were up 4.1% y/y, the hightest annual
increase since June 1982. On the month, export prices were flat.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
[TOPICS: M$G$$$,MAGDS$,MT$$$$,M$XDS$,M$X$$$]