In January 2026 German import prices were 2.3 % lower than they had been a year earlier, the same year‑on‑year decline that was recorded in December 2025 (‑2.3 %) and in November 2025 (‑1.9 %). According to the Federal Statistical Office (Destatis) announced on Friday, imports rose 1.1 % from the previous month of December 2025 – the strongest month‑over‑month increase since January 2025, when the rise was also 1.1 % over December 2024.
Export prices moved in the opposite direction. In January 2026 they were 0.2 % higher than in January 2025. Prices in December 2025 had been unchanged year‑on‑year (0.0 %) and in November 2025 had been 0.3 % above the November 2024 level. Compared with December 2025, export prices increased by 0.9 %. This was the largest month‑over‑month gain since August 2022, when exports were up 1.6 % from July 2022.
The biggest factor behind the overall change in import prices in January 2026 was again the fall in energy costs, down 21.1 % from January 2025. However, energy prices rose again against December 2025, on average by 3.5 %. In January 2026 all energy categories were cheaper than in January 2025: crude oil fell 24.5 %, natural gas 23.1 %, mineral oil products 16.8 %, coal 15.8 % and electricity 4.0 %. Across the month, however, energy was more expensive than the prior month; electricity increased the most (16.6 %), followed by coal (5.9 %), crude oil (4.1 %), natural gas (3.1 %) and mineral oil products (0.7 %).
Excluding energy from the calculation, January 2026 import prices were 0.1 % lower than the same month a year earlier. Without crude oil and mineral oil products, the import price index was 1.1 % below the January 2025 level and 1.2 % above the December 2025 level.
The cheapest area was imported agricultural goods, which were 6.5 % cheaper than a year earlier and 1.0 % cheaper than December 2025. Cocoa raw material prices were down 46.4 % from January 2025 and 12.5 % from December 2025. Living pigs were 26.5 % cheaper than in January 2025, a 6.1 % drop relative to December 2025. Import prices for wheat were also lower: an 8.2 % decline versus January 2025 and a 0.3 % drop versus December 2025. By contrast, poultry and eggs were markedly more expensive, up 15.2 % from January 2025 and 1.5 % from December 2025.
Imported consumer goods – both durable and consumable – were 2.7 % cheaper in January 2026 than a year earlier, a 0.3 % decline compared with December 2025. Durable goods were 2.5 % cheaper than the previous year (0.4 % higher than December 2025), while consumables were 2.7 % cheaper year‑on‑year (0.4 % lower than December 2025). Food in general was 2.8 % cheaper than January 2025, down 2.6 % versus December 2025. Notable price reductions included cocoa butter, cocoa fat and cocoa oil (-44.2 %), apple juice (-25.3 %), orange juice (-21.3 %), pork (-15.9 %), olive oil (-15.2 %) and milk and dairy products (-12.2 %). Increases were seen mainly for peeled hazelnuts (55.4 % higher), beef (26.0 % higher) and coffee (roasted or decaffeinated) (+17.5 %).
Import prices for investment goods fell 0.5 % year‑on‑year but were 0.4 % higher than December 2025. Pre‑payment goods alone were 2.8 % higher in January 2026 compared with January 2025 and 2.2 % above December 2025, driven largely by a 65.2 % rise in precious metals and their semi‑finished products. Non‑iron metals and their semi‑finished products were 25.9 % above the January 2025 level, whereas plastics in primary form were 7.7 % lower and crude iron, steel and ferroalloys 3.2 % lower than a year earlier.
Conversely, price increases in exported pre‑payment and investment goods balanced the reductions seen in consumer goods, energy and agriculture.
Exported finished pre‑payment goods were 1.6 % higher than in January 2025 (1.1 % above December 2025). Investment goods were 0.4 % higher than January 2025 (0.8 % above December 2025). Together these two categories cover almost 75 % of the shipments carried over.
Exported consumer goods – making up about 21 % of exports – were 0.3 % cheaper than January 2025 (0.1 % higher than December 2025). Durable goods were 1.4 % above the previous year (0.3 % higher than December 2025), while consumables were 0.7 % lower than January 2025 (unchanged versus December 2025). Food prices fell markedly: 3.3 % lower than January 2025 and 1.7 % lower than December 2025. Milk and dairy products were especially cheaper, averaging a 11.8 % drop compared to a year earlier (3.4 % lower versus December 2025). Butter and other fat‑based dairy products fell 46.3 % compared with January 2025 (9.5 % lower versus December 2025). Cocoa mass, cocoa butter, cocoa fat, cocoa oil and cocoa powder were also lower – 34.7 % compared with January 2025 and 7.6 % versus December 2025. Coffee (decaffeinated or roasted) was the only consumable that rose, at 23.6 % above January 2025 (0.6 % higher than December 2025).
Energy exports were considerably cheaper than a year earlier, down 14.7 %. They rose 3.0 % versus December 2025. Natural gas was 18.0 % cheaper than a year earlier (1.7 % higher than December 2025), while mineral oil products were 15.0 % below the January 2025 level (0.5 % higher versus December 2025).
Agricultural goods exported were also cheaper than in the previous year, falling 6.9 %. Prices rose 0.8 % versus December 2025, according to Destatis.