Germany's import prices down 11.4% year-on-year in June

Germany's import prices down 11.4% year-on-year in June

Energy prices down by 44.9% in June on yearly basis

By Gokhan Ergocun

ISTANBUL (AA) - Germany's import prices dropped by 11.4% year-on-year in June, while export prices dropped by 0.9%, the country's statistical authority said on Monday.

Destatis said that the decline in import prices represents the largest decrease since September 2009, when prices fell sharply due to the financial and economic crisis.

It stressed that the decline in June stemmed from the base effect due to the high prices in 2022 “as a result of the war in Ukraine.”

The annual declines were 9.1% in May and 7% in April, it added.

Energy prices fell sharply by 44.9% on a yearly basis and 6.6% on a monthly basis in June.

"Natural gas had the biggest influence on the year-on-year rate of change for energy, with prices in June 2023 50.6% lower than they were in June 2022," it added.

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