German Import Prices Drop More than Expected

Germany’s import prices decreased by 1.1% year-on-year in May 2025, worse than market forecasts of a 0.8% fall and April’s drop of 0.4%.

This marked the second consecutive month of falling import prices, primarily due to lower energy costs (-14.6%), particularly crude oil (-26.4%), hard coal (-21.2%), and mineral oil products (-17.3%).

Additionally, prices for intermediate goods dropped by 1%, while costs for capital goods edged down by 0.3%.

By contrast, consumer goods were 2.7% more expensive, with costs for non-durable consumer goods rising by 3.3%, while prices for durable consumer goods were unchanged.

Excluding energy, import prices were 0.4% higher.

On a monthly basis, import prices fell by 0.7% in May, more than market expectations of a 0.4% drop but easing from a 1.7% decline in April.