Germany’s import prices fell 2.3% year-on-year in February 2026, unchanged from the previous two months. This marked the eleventh consecutive month of declining import prices and the steepest drop since March 2024, driven largely by a 20.9% slump in energy costs, as prices fell for natural gas (-27.9%), electricity (-25.6%), crude oil (-19.1%), hard coal (-14.2%), and petroleum products (-11.4%).
Agricultural import prices also declined to 5.7%, led by sharp drops in raw cocoa (-47.4%), live pigs (-21%), and raw coffee (-9.1%). In addition, consumer goods prices fell 3.2%, with both durable (-2.8%) and non-durable goods (-3.3%) decreasing. In contrast, prices for intermediate goods rose 2.5%, driven by increases in precious metals and semi-finished products (60.3%) and non-ferrous metals (24.8%). On a monthly basis, import prices rose 0.3%, slowing from January’s 1.1% but slightly above market expectations of 0.2%.
