Import prices continued to rise sharply in Germany

According to the data of Germany's Federal Statistical Office (Destatis), the Import Price Index in the country increased by 31.7 percent in April compared to the same month of the previous year. The increase in April was recorded as the highest annual increase since September 1974 (32.6 percent). The expectation was for the index to increase by 32 percent.

The index increased by 1.8 percent compared to the previous month.

The Import Price Index had increased by 26.3 percent year-on-year in February and 31.2 percent in March.

The rapid rise in import prices was caused by the sharp increases in the prices of energy products.

"Available data reflect the initial effects of the war"

"Available data (April) reflect the initial effects of the war in Ukraine," Destatis said in a statement. it was said.

In the statement, which stated that the prices of imported energy products were 157.4 percent more expensive in April compared to the same period of the previous year, "The biggest impact on the annual energy price increase was the increase in natural gas with 301.4 percent." expression was used.

While petroleum products increased by 106.6 percent in April compared to the same period of the previous year, the increase in crude oil prices was 77.5 percent. Import prices excluding petroleum products, on the other hand, increased by 27.6 percent on an annual basis.

The annual increase in the prices of imported intermediate products was 26.8 percent and the increase in imported agricultural products was 26.9 percent.

Export Price Index in Germany also increased by 16 percent in April compared to the same period of the previous year and by 0.8 percent compared to the previous month.

The annual increase in the index was recorded as the highest increase since November 1974. The index had increased by 15.9 percent in March, 12.4 percent in February and 11.9 percent in January.

Analysts predict that rising import costs will also affect consumer prices.

Inflation hit 7.4 percent in April, the highest level since 1981. Annual inflation for May, which will be announced today, is expected to be above 8 percent.