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The Nord Stream 2 gas is to arrive at this station in Mecklenburg-Western Pomerania
Photo: Stefan Sauer / dpa
For some energy companies, memories of the oil price crises of the 1970s are likely to be awakened.
Import prices, especially oil and gas, rose more sharply in September than they have been in more than 40 years.
The import prices rose by a total of 17.7 percent compared to the same month last year, according to the Federal Statistical Office.
The last time there was a larger increase was in September 1981 in the wake of the second oil crisis, at 19.5 percent.
Economists had even expected an increase of 18.0 percent.
In August the increase was 16.5 percent, in July 15.0 percent.
Only when looking at August 2021 is the increase not quite as drastic: Compared to the previous month, import prices rose by 1.3 percent.
Inflation rate could rise to 4.4 percent
Experts expect that the more expensive imports will also have an impact on the cost of living for German consumers. At 4.1 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. For October, for example, a value of 4.4 percent is expected. The statistics office publishes a first estimate this week.
The sharp rise in import prices is primarily due to the development of energy: the price of imports rose by 107.1 percent compared to September 2020. The price premium for natural gas was particularly high at 170.6 percent, while there was one for crude oil Plus of 75.5 percent.
135.7 percent more was charged for imported hard coal.
Without taking energy into account, import prices rose by just 10.1 percent.
Significantly more had to be paid for numerous intermediate goods.
For sawn and planed wood, for example, 64.6 percent more had to be flaked than for one year.
Pig iron, steel and ferro-alloys rose by 60.9 percent.
The prices for many imported agricultural goods also rose noticeably: green coffee rose by 44.8 percent, grain by 30.3 percent.
apr / Reuters