Germany’s import prices declined at a faster than expected pace in July, figures from Destatis showed Thursday.
The import price index fell 1.7 percent year-over-year in July, faster than June’s 1.4 percent decline. Economists had expected the same 1.4 percent drop for the month.
The import price index has been falling since January 2013. The latest rate of decline was the fastest since February, when prices had fallen 3.0 percent.
Excluding energy, import prices climbed 2.5 percent in July from a year ago, while energy prices alone tumbled by 25.0 percent.
On a monthly basis, import prices slid 0.7 percent in July, exceeding economists’ expectations for a 0.3 percent fall. In June, prices had dropped 0.5 percent. It was the third month of decline in a row.
Meanwhile, export prices increased at a slower pace of 1.2 percent annually in July, after a 1.3 percent hike in the preceding month. Prices have been rising since September last year.
Month-on-month, export prices edged up 0.1 percent in July, in contrast to a 0.1 percent decrease in the prior month.
The material has been provided by InstaForex Company – www.instaforex.com