German import prices continue to decline in September

The index of Germany’s import prices continued to fall in September. However, the pace of fall in import prices slowed for the fifth consecutive month. The Federal Statistics Office, Destatis, showed that the index of import prices dropped 1.8 percent year-on-year in September, as compared with the decline of 2.6 percent in August.

The consensus projection was for a decline of 1.9 percent.  The annual rate of change in July was -3.8 percent.

On a sequential basis, the index rose a tad by 0.1 percent. The index of import prices, stripping crude oil and mineral oil products dropped 1.4 percent on a year-on-year basis in September. Meanwhile, the index of export prices dropped 0.6 percent year-on-year in September.

The annual rates of change for August and July were -0.9 percent and -1.2 percent respectively. On a sequential basis, the export price index remained the same, stated Destatis.