Intermediate goods become more expensive, capital and consumer goods more expensive
According to the Federal Statistical Office (Destatis), import prices fell by 4.9% in February 2024 compared to February 2023.
Compared to the previous month of January 2024, import prices fell by 0.2%.
Decline due to lower energy prices
Energy import prices fell by 20.7% in February 2024 compared to February 2023. Compared to January 2024, prices fell by 2.6%. Natural gas had the greatest impact on this development, with prices reportedly falling by 40.4% compared to the same month last year. Compared to January 2024, natural gas was 12.2% cheaper.
According to Destatis, if energy prices are not included in the calculation, import prices in February 2024 were 2.4% lower than in the same month of the previous year and 0.1% lower than in the previous month.
Analysis of the individual goods classes
Imported intermediate goods were 6.8% cheaper compared to February 2023
Imported capital goods were 0.5% more expensive compared to the previous year.
According to the data, imported consumer goods were also more expensive compared to the same month last year, with prices rising by 0.3%. Consumer goods became 0.3 percent more expensive, while prices for consumer durables remained constant.
Lower export prices
Export prices in February 2024 fell by 1.1% compared to the previous year. Compared to January 2024, they rose by 0.2%.
According to Destatis, prices for energy exports in February 2024 were 22.7% lower than in the previous year. Compared to January 2024, they have fallen by 0.9%. Here too, natural gas prices had the greatest impact, falling by 35.9% compared to the previous year. Compared to the previous month, natural gas was exported 3.6% cheaper.
Exported intermediate goods were 4.1% cheaper.
Compared to February 2023, prices for exported capital goods rose by 2.7%.
Exported consumer goods were 0.8% more expensive than in the previous year.
Source: www.kloepfel-consulting.com