Germany’s import prices increased at the fastest pace since 1981, data published by Destatis revealed on Monday.
Import prices logged a double-digit annual growth of 11.8 percent in May, following a 10.3 percent rise in April and faster than the expected increase of 11.3 percent. The latest increase in import prices was the fastest since October 1981, when prices climbed 13.6 percent.
Month-on-month, import price growth increased to 1.7 percent from 1.4 percent in April. Prices were forecast to gain 1.5 percent.
Excluding energy, import prices advanced 6 percent annually in May. Energy prices almost doubled in May due to the extremely low base level of comparison.
Further, data showed that export prices grew 4.2 percent on year, faster than the 3.3 percent rise in April. On a monthly basis, inflation eased marginally to 0.7 percent from 0.8 percent in the previous month.