Germany's import prices mark highest annual gain since 1974

By Ovunc Kutlu

ANKARA (AA) – Germany's import prices in March saw their biggest annual jump since 1974, the Federal Statistical Office (Destatis) said Friday.

Import prices in Germany rose 31.2% in March from the same month a year ago. This was the highest annual increase since September 1974, during the oil crisis, it said.

"The current data are beginning to reflect the impact of the war in Ukraine," it said in a statement.

The annual rate of gains in import prices was 26.3% in February and 26.9% in January, according to Destatis.

"In March 2022, energy imports were 160.5% more expensive than in March 2021. The largest influence on the year-on-year rate of the energy price increase had natural gas with a plus of 304.3%, followed by crude oil with a plus of 81.3%," the statement said.

Although the German economy expanded 4% in the first quarter of 2022 on an annual basis, annual consumer inflation in April is expected to hit its highest level in almost 41 years with 7.4%, according to provisional data by Destatis.