Decline mainly due to intermediate goods
According to the Federal Statistical Office (Destatis), import prices fell by 3.6% in March 2024 compared to March 2023.
In contrast, import prices rose by 0.4% compared to the previous month of February 2024.
Imported intermediate goods were 5.9% cheaper compared to March 2023. Compared to February 2024, however, they rose by 0.6%. According to the data, intermediate goods thus had the greatest influence on the overall development of import prices.
Energy prices and other goods classes
Energy import prices fell by 15.1% in March 2024 compared to March 2023. Compared to February 2024, prices rose by 0.2%. Natural gas had the greatest impact on the development of energy prices, with prices reportedly falling by 35.3% compared to the same month last year. Compared to February 2024, natural gas was 1.4% cheaper.
According to Destatis, if energy prices are not included in the calculation, import prices in March 2024 were 2.3% lower than in the same month of the previous year and 0.4% higher than in the previous month.
According to the data, imported capital goods were 0.3% more expensive compared to the same month last year. Prices for consumer goods also rose compared to March 2023, with an increase of 0.4% recorded. The prices of consumer durables remained fairly constant in the same period with a slight increase of 0.1%.
In the case of consumer goods, cocoa products recorded an increase of 159.0% compared to the previous year.
Lower export prices
Export prices in March 2024 decreased by 1.0% compared to the previous year. Compared to February 2024, they rose by 0.1%.
According to Destatis, intermediate goods are also the reason for the price trend here. Exported intermediate goods have become 3.7% cheaper compared to March 2023 and 0.3% more expensive compared to February 2024.
Prices for energy exports in March 2024 were 21.3% lower than in the previous year. Compared to February 2024, they fell by 4.4%. Natural gas prices also had the greatest impact here, falling by 40.4% compared to the previous year. Compared to the previous month, natural gas was exported 12.3% cheaper.
Compared to March 2023, prices for exported capital goods rose by 2.1%. Exported consumer goods were 1.1% more expensive than in the previous year.
Source: www.kloepfel-consulting.com