Germany Import Price Inflation Strongest Since 1980

Germany's import price inflation accelerated to the highest since early 1980 due to second oil price crisis, data published by Destatis revealed on Friday.

Import prices grew 21.7 percent yearly in October, following 17.7 percent in September. Economists had forecast an annual growth of 19.6 percent.

This was the highest annual rate seen since January 1980.

On a month-on-month basis, import prices rose 3.8 percent, following a 1.3 percent rise in the previous month. Prices were forecast to grow 2.0 percent.

Energy imports rose 20.6 percent annually in October. Excluding crude oil and mineral oil products, import prices advanced 11.2 percent.

Data showed that export price inflation rose to 9.5 percent from 8.1 percent in September. This was the biggest annual rate since January 1975.

On a monthly basis, export prices grew 1.4 percent in October, following 0.9 percent increase in the prior month.

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