Prices of goods imported into Germany rose more slowly in July, but the upswing remains comparatively strong. Import prices increased by 28.9 percent compared to the same month last year, as the Federal Statistical Office announced on Wednesday. In April, they rose 31.7 percent, the strongest gain since 1974. Since then, the price increase has slowed.
Energy prices continue to rise particularly sharply. Imported energy was almost 132 percent more expensive than a year earlier. The main reason is the sharp rise in gas prices, which are more than three times as high as a year ago. Electricity costs almost four times as much. Compared to June alone, the prices for imported electricity increased by almost 42 percent. Many intermediate goods also rose sharply in price.
Import prices represent one of several price levels that affect consumer prices. The European Central Bank aligns its monetary policy with the latter. Because of inflation, the ECB raised its key interest rate in July for the first time in eleven years. Further tightening is expected for the next session in the coming week. (dpa)