In February 2026, German import prices were 2.3 % lower than the same month a year earlier, while they rose 0.3 % from January 2026. January 2026 and December 2025 also recorded a 2.3 % year‑over‑year decline.
Export prices were 0.1 % lower than February 2025. In January 2026 they were 0.2 % higher than January 2025, and in December 2025 they were unchanged. Compared with January 2026, exports increased by 0.1 %.
The most significant driver of February’s import‐price change was the drop in energy prices -20.9 % versus February 2025 – although energy prices rebounded 0.9 % from January. The recent hostilities in Iran and the Middle East since 28 February 2026 had no impact on the February import or export prices.
All energy commodities were cheaper than in February 2025: natural gas fell 27.9 %, electricity 25.6 %, crude oil 19.1 %, coal 14.2 % and mineral oil products 11.4 %. Compared with January, energy overall was pricier due to increases in mineral oil products (+6.0 %) and crude oil (+3.4 %), while electricity, coal and natural gas were 11.8 %, 2.7 % and 2.3 % cheaper, respectively.
Excluding energy, imports dropped 0.2 % year‑over‑year and rose 0.2 % from January. Omitting only oil and mineral oil products, the import index was 1.6 % below February 2025 and unchanged from January 2026.
Agricultural imports were 5.7 % cheaper than a year ago, and 0.3 % cheaper than in January. Raw cacao prices were 47.4 % lower than February 2025 and 8.7 % lower than January. Live pigs were 21.0 % cheaper than February 2025 but 3.4 % more expensive than January. Raw coffee imports were 9.1 % cheaper than a year ago and 5.7 % cheaper than the month before. Imported grain was 8.7 % cheaper than February 2025 but 0.3 % more expensive than January, whereas poultry and eggs were higher by 11.9 % versus February 2025 and 0.7 % versus January.
Consumer goods imported in February were 3.2 % cheaper than a year ago and 0.3 % cheaper than January. Durable goods fell 2.8 % versus the previous year and 0.3 % versus January, while non‑durables were 3.3 % cheaper year‑on‑year and 0.3 % cheaper than January. Food in general cost 4.4 % less than February 2025 and 0.9 % less than January.
Key food components saw steep declines: cocoa butter, cocoa fat and cocoa oil fell 54.9 %, fruit and vegetable juices 22.2 %, milk products 13.8 % and pork 13.5 %. Conversely, peeled hazelnuts rose 48.1 %, beef 17.1 % and roasted or decaffeinated coffee 14.6 %. Import prices for investment goods were 0.2 % lower than a year ago, but 0.4 % higher than January.
Pre‑manufactured goods were 2.5 % higher in February compared with February 2025, with an average increase of 0.2 % from January. Precious metals and their semi‑finished forms surged 60.3 % year‑on‑year; non‑iron metals and their semi‑finished products were 24.8 % above February 2025. Polymers in their primary forms and accumulators/batteries were 8.0 % and 6.4 % cheaper than a year ago.
The dominant force behind February 2026 export prices was the sharp fall in energy prices: -19.5 % versus February 2025 and -2.6 % versus January. Natural gas was 26.7 % cheaper, while mineral oil products were 11.0 % lower than February 2025 but 3.8 % higher than January. Agricultural exports were 8.1 % cheaper year‑on‑year, but rose 0.9 % compared with January.
Consumer goods accounted for roughly 21 % of exports and were 0.4 % cheaper than February 2025, but 0.1 % higher than January. Non‑durable goods were 0.9 % below February 2025 and unchanged from January, whereas durables were 1.5 % above the previous year and 0.3 % above January. Among exported non‑durables, food prices fell 4.3 % versus February 2025 and 0.8 % versus January; milk products were 11.8 % cheaper, butter and other milk fats 46.2 % cheaper, and 3.1 % cheaper than in January.
Cocoa mass, butter, fat, oil and powder were all markedly lower – 36.0 % and 7.1 % respectively – while coffee (decaffeinated or roasted) was 18.0 % more expensive than February 2025 and 0.3 % higher than January.
Exported pre‑manufactured goods rose 1.4 % versus February 2025 (0.2 % versus January), and investment goods were 0.5 % above February 2025 and 0.2 % above January. Together, these two categories cover almost 75 % of all exported goods.