Germany’s import prices drop at slower pace in July

Germany’s index of import prices has dropped again in July, but at a slower pace, according to Germany’s official statistics office, Destatis.

The index of import prices, on a year-on-year basis, fell 3.8 percent in July. This is a slowdown in the drop of prices when compared with the year-on-year decline of 4.6 percent in June and fall of 5.5 percent in May. In month-on-month terms, the index of import prices was up a tad by 0.1 percent.

Stripping mineral oil products and crude oil, Germany’s import prices fell 2.4 percent in July 2016, as compared to the level seen one year ago, stated Destatis.

The index of export prices dropped 1.2 percent in July year-on-year, a slowdown from the year-on-year declines of 1.3 percent and 1.6 percent in June and May respectively. In sequential terms, the index was up 0.2 percent.