Germany's import price inflation accelerated sharply in March to its highest level in nearly five decades with the data starting to reflect the impact of the war in Ukraine.
Import prices rose 31.2 percent year-on-year following a 26.3 percent increase in February, preliminary data from Destatis showed Friday. Economists had forecast 28.6 percent inflation. In January, import prices rose 26.9 percent.
The latest inflation rate was the highest since September 1974 during the first oil crisis, when import prices surged 32.6 percent annually, Destatis said.
On a month-on-month basis, import prices rose 5.7 percent in March 2022, faster than economists' forecast of 3.4 percent.
Energy import prices soared 160.5 percent annually in March, driven by a 304.3 percent jump in natural gas prices and an 81.3 percent increase in crude oil prices.
The index of import prices, excluding crude oil and mineral oil products, increased 26.6 percent annually in March and rose 4.1 percent from the previous month.
by Jyotsna V
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