Germany Import Prices YoY

German import prices increased by 0.6% year-on-year in November 2024, shifting from a 0.8% drop in the previous month and marking the first rise since August. Energy prices declined much softer (-8.2% vs -14.1% in October), with notable decreases in crude oil (-11.6%), mineral oil products (-10.9%), diesel fuels and heating oil (-17.4%), petrol (-14.6%), and natural gas (-5.1%). On the other hand, prices rose for consumer goods (3.4% vs 2.1%), intermediate goods (1.1% vs 0.2%), and capital goods (0.1% vs flat reading). Excluding energy, import costs were 1.7% higher compared to November 2023. Monthly, import prices went up by 0.9%, easily exceeding market estimates of 0.3% and pointing to the second successive month of growth. It also represented the steepest monthly increase since September 2023.