Germany's import prices rise 21.7% annually, highest since 1980

By Ovunc Kutlu

ANKARA (AA) – Germany's import prices index increased by 21.7% in October compared with the same month of the previous year, the Federal Statistical Office data showed on Friday.

"This has been the highest year-on-year change since January 1980," Destatis said in a statement.

The annual rates of change were 17.7% in September 2021 and 16.5% in August 2021, it added.

The monthly change for the import prices index was a 3.8% rise in October.

"In October 2021, energy imports were 141% more expensive than in October 2020," the statement said.

While natural gas import prices in October soared 193.9% from the previous year, crude oil import prices were up 105.9%, according to Destatis.

"The index of import prices, excluding crude oil and mineral oil products, increased by 17.5% in October 2021, compared with October 2020," it added.