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Pipes for the Nord Stream 2 pipeline: the price of natural gas rose particularly sharply by 170.5 percent
Photo: Frank Hormann / imago
German imports rose more in July than they have been in 40 years.
The import prices rose by 15.0 percent compared to the same month last year, as the Federal Statistical Office announced.
The last time there was a higher increase was in September 1981 during the second oil crisis (plus 17.4 percent).
Economists had expected 13.6 percent after an increase of 12.9 percent in June.
Experts expect that this development will also resonate with consumers. At 3.8 percent, the inflation rate in this country is currently at its highest level since 1993. Experts expect it to move in the direction of five percent in the coming months. Many people are concerned about this rise in prices, but the Federal Government considers it only a temporary phenomenon because wages are not rising accordingly.
The sharp rise in import prices is primarily due to the development of energy: its imports were 89.6 percent more expensive than in July 2020. "This increase is due to the extremely low price level in the same month", write the statisticians about this so-called Base effect.
At that time, demand had reached its low point due to the Corona recession, with a strong supply overhang at the same time.
Wood, steel and coffee are significantly more expensive
Natural gas rose particularly sharply by 170.5 percent, and crude oil by 68.9 percent.
Without taking energy into account, import prices rose by 8.9 percent in July.
This is also likely to be related to the lack of material in important industries in order to be able to produce at all.
For example, the prices for imported wholesale goods rose by 19.2 percent in July 2021 compared to the same month of the previous year.
Iron ores (plus 108.7 percent), sawn and planed wood (plus 57.4 percent), veneer, plywood, wood fiber and chipboard (plus 52.2 percent), but also pig iron, steel and plastics were particularly expensive.
The development could also have an impact on food: For example, 33.8 percent more and grain 17.8 percent more were due for green coffee than in July 2020.
Natural rubber rose in price by more than 47 percent compared to the same month last year.
apr / Reuters