Berlin, June 28, (dpa-AFX/GNA) – Germany’s import prices last month increased at their fastest pace since 1981, data published by Destatis revealed on Monday.
Import prices logged double-digit annual growth of 11.8 per cent in May, following a 10.3-per-cent rise in April and faster than the expected increase of 11.3 per cent.
The latest increase in import prices was the fastest since October 1981, when prices climbed 13.6 per cent. Month-on-month, import price growth increased to 1.7 per cent, from 1.4 percent in April.
Prices were forecast to gain 1.5 per cent.
Excluding energy, import prices advanced 6 per cent annually in May. Energy prices almost doubled in May due to the extremely low base level of comparison.
Further, data showed that export prices grew 4.2 per cent on year, faster than the 3.3-per-cent rise in April. On a monthly basis, inflation eased marginally to 0.7 per cent, from 0.8 percent in the previous month.
GNA