Import prices have risen sharply since 1981.
(Photo: dpa)
Berlin German imports rose more in August than they have been in 40 years due to significantly higher prices for oil and gas. The import prices rose by 16.5 percent compared to the same month last year, as the Federal Statistical Office announced on Wednesday. The last time there was a stronger increase was in September 1981 in the wake of the second oil crisis (plus 17.4 percent). In July the plus was 15.0 percent.
Experts expect that imports, which have become more expensive, will also have an impact on the cost of living of German consumers. At 3.9 percent, the inflation rate is currently at its highest level since 1993. Many economists assume that it will move in the direction of five percent in the coming months.
The sharp rise in import prices is primarily due to the development of energy: Imports were 93.6 percent more expensive than in August 2020. The price premium for natural gas was particularly high at 170.5 percent, while there was one for crude oil Plus of 63.6 percent. Without taking energy into account, import prices rose by only 9.8 percent.
Much more had to be paid for many intermediate goods. Iron ores (plus 96.8 percent), sawn and planed wood (plus 61.6), pig iron, steel and ferro-alloys (plus 57.7) and raw aluminum (plus 42.6) each cost considerably more than a year earlier. The prices for imported agricultural goods also rose noticeably: natural rubber (plus 41.7 percent), green coffee (plus 34.5) and grain (plus 25.6) were considerably more expensive than in August 2020.
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