German import prices rise at their fastest pace since second oil price crisis

German import prices rose at their fastest clip since the second oil price crisis of 1981 in September.

According to the Federal Office of Statistics, in seasonally adjusted terms the country's import price index jumped by 1.3% on August and by 17.7% on the year earlier month.

In August 1981 they rose by 19.5%.

On the export side of the equation meanwhile, import prices climbed by 8.1% month-on-month.

When compared to the year earlier period, energy import were 107.1% dearer, mainly on the back of the sharp rise in natural gas prices.

Gas prices were 170.6% higher than a year before.

Crude oil prices meanwhile were up by 75.5% and those of imported hard coal by 135.7%.

Higher prices for intermediate goods exerted nearly as much influence on the import price index, the statistics office said.

The price of sawn and planned wood jumped 64.6%, that of pig iron, steel and ferro-alloys by 60.9%, those of iron ores by 53.9% and that of raw aluminium by 50.7%.

Imported capital goods on the other hand were only 2.7% more expensive than in September of 2020 and imported consumer goods were 3.3% costlier.