Germany's import prices rose by 3.1% in January 2025 compared to the same month last year, marking the sharpest year-on-year increase since February 2023. According to the Federal Statistical Office (Destatis), import prices also increased by 1.1% from December 2024.
Photo: Dreamstime.
Export prices also saw a notable increase, rising 2.4% year-on-year, the strongest annual rise since March 2023, and 0.7% from the previous month.
Rising consumer goods prices drive import inflation
The primary driver of rising import prices was the increase in consumer goods costs, which rose 4.5% year-on-year and 1.1% from December 2024. Within this category, food prices surged by 11.2% compared to January 2024.
Energy imports rose by 6.2% year-on-year and 4.1% month-on-month. Key changes included:
- Electricity: +51.2% year-on-year, +4.5% from December 2024
- Natural gas: +18.4% year-on-year, +2.6% from December 2024
Conversely, hard coal (-12.4%), mineral oil products (-1.3%), and crude oil (-0.7%) were cheaper than a year ago. However, crude oil prices increased by 5.9% from December 2024.
Excluding energy prices, import prices were still 2.8% higher than in January 2024. Without crude oil and mineral oil products, the increase was 3.4% year-on-year.
Export prices driven by capital and consumer goods
Export prices also experienced notable growth, led by capital and intermediate goods:
- Intermediate goods: +1.8% year-on-year, +0.6% month-on-month
- Capital goods: +1.7% year-on-year, +0.6% month-on-month
- Consumer goods: +2.9% year-on-year, unchanged from December 2024
More information:
Federal Statistical Office (Destatis)
www.destatis.de