Germany’s import prices rose by 12.9pc in June on an annual basis, according to the German Federal Statistical Office (Destatis). Import prices grew by 1.6pc in June against the preceding month showing a continued uptrend.
This rise is primarily driven by the leap in energy prices, which tumbled in the summer of 2020 during the COVID-19 lockdowns, and intermediate import prices of goods. Pig iron, steel, and ferroalloys import prices climbed by 40.9pc, iron ore rose by 97.4pc, and non-ferrous metal ores increased by 41.5pc in June against the same month last year.
June import prices when compared to the preceding month rose by 9.4pc for iron ore and 5.1 pc for pig iron and steel but declined by 0.8pc for non-ferrous metal ore.
Germany’s consumer price index (CPI) for July increased by 3.8pc against the same month last year and 0.9pc against the preceding month pointing toward higher inflation after rising 2.3pc in June, 2.5pc in May, and 2pc in April.
Gross domestic product (GDP) for Q2 2021 rose by 9.6pc against the same year-ago quarter and lifted by 1.5pc compared to Q1 2021.