In October, Germany’s import prices index soared by the steepest rate since January 1980 as energy import prices skyrocketed.
According to the Federal Statistical Office, the import prices index increased by 21.7% year-on-year in October.
In comparison, in September the rise was 17.7% and in August it was 16.5%.
The monthly change for the import prices index was a 3.8% rise in October.
In the face value, energy imports were 141% more expensive than in October 2020 as natural gas import prices in October soared by 193.9% from the previous year and crude oil import prices were up by 105.9%.
Annually, the index of import prices, excluding crude oil and mineral oil products, increased by 17.5% in October.
