German Import Prices Ease from 2-1/2-Year High

Germany’s import prices rose 6.1% yoy in June 2026, easing from May’s 6.8%, which had marked the strongest gain since December 2022. The latest reading was slightly above market expectations of 6.0%, extending the current streak of annual gains to four months. Energy prices remained the main driver, though their pace slowed (23.9% vs 37.2% in May), with notable rises in electricity (70.8%), petroleum (36.0%), crude oil (32.1%), hard coal (12.1%), and natural gas (8.3%). Cost of intermediate goods accelerated (10.3% vs 10.1%), due to higher prices of non-ferrous metals and semi-finished products (27.5%), including precious metals (34.5%) and copper (30.3%). Capital goods inflation also strengthened (2.9% vs 2.2%). By contrast, consumer goods prices continued to fall (-0.8% vs -1.3%), as non-durable goods dropped 1.2% while durable goods rose 0.7%. Monthly, import prices slipped 0.7%, reversing May’s 0.7% rise and signaling the first monthly drop since December, in line with estimates.

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