Import prices in December 2024 were 2.0 percent higher than in December 2023, the Federal Statistical Office (Destatis) reported on Thursday. In November 2024, the change rate compared to the previous year was +0.6 percent and in October 2024, it was -0.8 percent. The import prices rose by 0.4 percent in December 2024 compared to November 2024.
Export prices, according to Destatis, were 1.8 percent higher in December 2024 than in December 2023. In November 2024, the change rate compared to the previous year was +1.2 percent and in October 2024, it was +0.6 percent. Compared to November 2024, the export prices rose by 0.3 percent.
The largest influence on the overall development of import prices in December 2024 was the increase in prices for consumer goods by 4.1 percent compared to the previous year (+0.5 percent compared to November 2024). The prices for imported consumer goods were 4.6 percent higher than in December 2023 and those for durable goods were 2.0 percent higher.
In particular, the prices for foodstuffs were significantly higher than in December 2023, with an increase of 10.2 percent for food, 71.2 percent for sweets (excluding durable goods), 69.5 percent for orange juice, 20.0 percent for poultry and 13.3 percent for milk and dairy products. The price increase for sweets was mainly due to the higher prices for cocoa butter, cocoa fat and cocoa oil (+188.1 percent) and the higher prices for chocolate and other sweets (+28.1 percent).
The prices for imported agricultural goods, according to Destatis, were 8.6 percent higher in December 2024 than in December 2023 (+0.3 percent compared to November 2024). In particular, raw cocoa was significantly more expensive than a year earlier (+135.5 percent), with a price increase of 11.0 percent compared to November 2024. Raw coffee was 43.9 percent more expensive than in December 2023 and 2.4 percent more expensive than in November 2024, according to the statisticians. On the other hand, there were cheaper prices for onions (-36.5 percent), cucumbers (-32.0 percent), tomatoes (-28.0 percent) and broccoli (-19.3 percent), as well as for live pigs (-15.8 percent).
The prices for intermediate goods, according to the Federal Statistical Office, were 1.4 percent higher in December 2024 than in December 2023 (+0.1 percent compared to November 2024). The prices for investment goods were 0.5 percent higher than in the previous year (+0.2 percent compared to November 2024).
Even imported energy was more expensive in December 2024 than in December 2023 (+0.4 percent). Compared to November 2024, the prices rose by an average of 1.3 percent. The import prices for electricity rose by 62.2 percent compared to December 2023 (-4.7 percent compared to November 2024) and those for natural gas were 9.0 percent higher than in December 2023 (+4.7 percent compared to November 2024). On the other hand, there were cheaper prices for imported coal (-15.3 percent), mineral oil products (-5.9 percent) and crude oil (-5.7 percent). While coal and crude oil also became cheaper in the month-on-month comparison, mineral oil products became 0.4 percent more expensive.
Without considering energy prices, the import prices in December 2024 were 2.1 percent higher than in December 2023, according to the Federal Statistical Office. Compared to November 2024, they rose by 0.3 percent. Leaving out only oil and mineral oil products, the import price index was 2.4 percent higher than in December 2023 and 0.4 percent higher than in November 2024.
In the annual average of 2024, the import prices were 1.2 percent lower than in the previous year, according to Destatis. In 2023, they had been 6.5 percent lower and in 2022, they had been 21.8 percent higher. The price development for imported energy, with a minus of 9.9 percent compared to 2023, significantly influenced the change rate of the import prices. The prices for natural gas were 17.3 percent lower than in 2023, for coal, they were 16.6 percent lower and for electricity, they were 16.1 percent lower. Light heating oil and diesel fuel were also cheaper, at -9.4 percent and -9.0 percent, respectively, as were motor gasoline at -9.0 percent. Crude oil became 2.4 percent cheaper in the year-on-year comparison.
The import price index without energy was only slightly lower in the annual average of 2024, at -0.1 percent, according to the statisticians. Leaving out only oil and mineral oil products, the import prices were 1.1 percent lower than in 2023. The prices for intermediate goods were also 2.2 percent lower than in 2023. On the other hand, the prices for agricultural goods were 4.1 percent higher, those for consumer goods were 1.8 percent higher and those for investment goods were 0.2 percent higher on average.
In the export sector, the price increases for consumer goods had the greatest influence on the price development in December 2024. These goods became 3.6 percent more expensive than in December 2023 (+0.4 percent compared to November 2024). While the prices for durable goods were only 1.1 percent higher, the prices for consumer goods were 4.1 percent higher than in December 2023.
In particular, the prices for exported sweets, excluding durable goods, rose by 49.2 percent, with a significant increase of 182.7 percent for cocoa mass, cocoa butter, cocoa fat, cocoa oil and cocoa powder. The prices for exported butter and other milk fat products were 42.2 percent higher than in December 2023. Coffee, decaffeinated or roasted, was 28.3 percent more expensive than in December 2023.
Even the prices for exported investment goods were higher in the comparison to December 2023, at +1.5 percent, with a significant influence from the higher prices for machines and for motor vehicles and their engines, at 2.1 percent each. Compared to November 2024, the prices for investment goods rose by 0.2 percent.
Exported intermediate goods, according to Destatis, were 1.1 percent more expensive than in the previous month. Compared to November 2024, the prices rose by 0.1 percent. On the other hand, energy exports were 0.8 percent cheaper than in the previous year, but 1.7 percent more expensive in the month-on-month comparison. Natural gas was significantly cheaper, at -6.6 percent and mineral oil products were 5.6 percent cheaper in the year-on-year comparison. However, natural gas became 5.4 percent more expensive in the month-on-month comparison and mineral oil products rose by 0.6 percent.
In the annual average of 2024, the export prices were 0.3 percent higher than in the previous year, according to the Federal Statistical Office. In 2023, they had been 0.6 percent higher and in 2022, they had been 13.5 percent higher. The price increase for investment goods, at 1.9 percent, significantly influenced the annual change rate. Consumer goods were also 2.0 percent more expensive, mainly due to the price increases of 2.2 percent for consumer goods. Durable goods became 1.1 percent more expensive, on average. Landwirtschaftliche Güter and intermediate goods were cheaper, at -2.4 percent and -1.2 percent, respectively.