Germany's import inflation hits highest level since 2022

Germany's import prices soared by 8.3% in August, marking its highest increase rate since December 2022, driven by surging energy costs, official data shows on Wednesday.

The Federal Statistical Office (Destatis) reported that export prices also accelerated by 4.7% compared to August 2025, recording the largest annual increase since February 2023.

On a monthly basis, import prices increased by 1% while export prices rose by 0.4% in August compared to July 2026.

Energy import prices surged by 43% year-on-year in August as the war in the Middle East strongly impacted the sector.

Destatis recorded significant annual import price increases for electricity at 63.9%, mineral oil products at 63.3%, and natural gas at 41.9%.

Imported intermediate goods saw an 11% annual price increase, largely driven by higher costs for non-ferrous metals and semi-finished metal products.

Conversely, imported agricultural products cost 2.4% less and imported consumer goods saw a 0.5% price decline compared to the same month a year earlier.

The Iran war also heavily influenced export prices, pushing energy export prices up by 44.1% compared to August 2025.

Exported intermediate goods registered a 7% year-on-year price increase, significantly impacting the overall export price index.

The two product groups of intermediate and capital goods accounted for nearly 75% of all goods exports.