Strongest decrease since 2009
According to the Federal Statistical Office (Destatis), import prices decreased by 9.1 percent in May 2023 compared with May 2022. This was the sharpest year-on-year price decline since September 2009, with import prices down 1.4 percent on the previous month of April.
Significantly lower energy prices
Energy prices are a major contributor to the decline in the overall index, according to the Federal Statistical Office. Prices of energy imports decreased by 37.6 percent in May 2023 compared to May 2022. Compared with April 2023, prices fell by 6.4 percent. Natural gas had the largest impact, decreasing 39.7 percent compared to the same month last year. Compared to April 2023, they decreased by 5.3 percent.
If energy prices are not included in the calculation, according to Destatis, import prices in May 2023 were 1.7 percent lower than in the same month a year earlier and 0.6 percent lower than in the previous month.
Price changes of the individual types of goods
Imported intermediate goods were 8.2 percent cheaper compared with May 2022. Consumer goods were up 3.5 percent from May 2022. Imported capital goods were 4.1 percent higher in price than a year earlier.
Changed export prices
Export prices remained almost constant year-on-year, increasing by 0.1 percent. Compared with April 2023, they fell by 0.4 percent.
According to Destatis, capital goods account for 46 percent of total exports. Export prices of capital goods increased by 5.2 percent year-on-year. Compared to the previous year, export prices of consumer goods recorded an increase of 4.7 percent, while export prices of intermediate goods fell by 1.7 percent.
Energy export prices were 39.3 percent lower year-on-year in May 2023 and fell 7.1 percent from April 2023. Year-on-year, natural gas export prices fell 42.9 percent and are 3.9 percent cheaper month-on-month.