German Import Prices Fall More than Expected

Germany’s import prices fell by 1.4% yoy in July 2025, matching the decline seen in June and slightly exceeding market expectations of a 1.2% drop.

This marked the fourth consecutive month of falling import prices and the sharpest decline in three months, largely due to a significant decrease in energy costs (-12.5%).

Within the energy category, the steepest drops were recorded in crude oil (-22.7%), hard coal (-17.9%), and mineral oil products (-12.9%).

Excluding energy, import prices were 0.2% lower than a year earlier.

Meanwhile, intermediate goods declined 1.5% and capital goods fell 0.5%.

In contrast, consumer goods rose 1.6%, led by non-durable items (2.3%), particularly food, which surged 9.4% yoy.

Notable price increases included orange juice (41.6%), coffee (34.5%), and beef (30.9%).

Agricultural imports also climbed 1.9%, driven by sharp rises in onion prices (78.8%) and poultry and eggs (15.2%).

Monthly, import prices fell 0.4% in July, following no change in June.