Germany’s import prices rose by 0.6% in November 2024 compared to the same month a year earlier, according to the Federal Statistical Office (Destatis). The prices of goods imported from abroad increased by 0.9% compared to the previous month.
Export prices, on the other hand, were 1.2% higher in November 2024 than in the same month a year earlier. The prices of goods exported from Germany rose by 0.3% compared to the previous month.
The main influence on the overall development of import prices in November was the decline in energy prices, which fell by 8.2% compared to the same month a year earlier. Without considering energy prices, the import price index was 1.7% higher than in November 2023, and 0.5% higher than in October.
The import of crude oil was 11.6% cheaper than in the same month a year earlier, and 0.7% cheaper than in October. Mineral oil products, on the other hand, were 10.9% cheaper than in November 2023, and 1.6% cheaper than in October. Diesel fuel and light heating oil, in particular, were 17.4% cheaper, and motor gasoline was 14.6% cheaper, compared to the same month a year earlier. However, the prices of diesel fuel and light heating oil rose by 2.5% compared to October, while the prices of motor gasoline fell by 1.6%.
The import price of natural gas fell by 5.1% compared to November 2023, but rose by 5.9% compared to October. In contrast, the price of electricity was 27.2% higher than in November 2023, and 33.3% higher than in October.
The import prices of consumer goods were 3.4% higher in November than in the same month a year earlier, and 0.9% higher than in October. The prices of durable goods were only 1.2% higher than in November 2023, and 0.6% higher than in October, while the prices of non-durable goods were 4.0% higher than in November 2023, and 1.0% higher than in October.
Food prices, in particular, rose significantly, with a 9.0% increase in the price of oranges, a 66.8% increase in the price of sweets, a 53.3% increase in the price of orange juice, an 18.4% increase in the price of poultry, and a 13.5% increase in the price of milk and dairy products, compared to the same month a year earlier.
The prices of agricultural goods, excluding food, were 8.5% higher in November than in the same month a year earlier, and 2.5% higher than in October. The prices of cocoa, in particular, rose by 114.8% compared to November 2023, and by 18.5% compared to October, while the prices of coffee rose by 38.4% compared to November 2023, and by 14.9% compared to October. On the other hand, the prices of cucumbers, onions, and live pigs were lower than a year earlier, by 36.4%, 31.2%, and 13.2%, respectively.
The prices of intermediate goods, excluding energy, were 1.1% higher in November than in the same month a year earlier, and 0.4% higher than in October. The prices of investment goods were 0.3% higher in November than in the same month a year earlier, and 0.1% higher than in October.
The prices of goods for consumption, which had the greatest influence on the price development in exports, rose by 3.3% in November compared to the same month a year earlier, and by 0.4% compared to October. The prices of goods for consumption, excluding food, were 3.7% higher in November than in the same month a year earlier, and the prices of goods for consumption, excluding energy, were 3.4% higher in November than in the same month a year earlier.
The export of agricultural goods was 2.0% higher in November than in the same month a year earlier, and 1.6% higher than in October. The prices of exported goods, excluding energy, were 1.5% higher in November than in the same month a year earlier, and 0.2% higher than in October, with the prices of machines and vehicles rising by 2.1% and 2.6%, respectively, compared to November 2023.
The prices of energy exports, on the other hand, were 10.6% lower in November than in the same month a year earlier, but rose by 7.7% compared to October, with the prices of natural gas and mineral oil products falling by 18.5% and 11.3%, respectively, compared to the same month a year earlier, but rising by 8.3% and 1.9%, respectively, compared to October.