Due to significantly higher prices for oil and gas, German imports rose more expensive in September than they have been in over 40 years.
The import prices rose by 17.7 percent compared to the same month last year, as the Federal Statistical Office announced on Wednesday.
The last time there was a larger increase was in September 1981 in the wake of the second oil crisis, at 19.5 percent.
Economists had even expected an increase of 18.0 percent.
In August the increase was 16.5 percent, in July 15.0 percent.
Experts expect that the more expensive imports will also have an impact on the cost of living for German consumers. At 4.1 percent, the inflation rate is currently at its highest level since 1993. Many economists assume that it will move in the direction of five percent in the coming months. For October, for example, a value of 4.4 percent is expected. The statistical office published a first estimate this Thursday.
The sharp rise in import prices is primarily due to the development of energy: the price of imports rose by 107.1 percent compared to September 2020. The price premium for natural gas was particularly high at 170.6 percent, while there was one for crude oil Plus of 75.5 percent.
135.7 percent more was charged for imported hard coal.
Without taking energy into account, import prices rose by just 10.1 percent.
Significantly more had to be paid for numerous intermediate goods.
For sawn and planed wood, for example, 64.6 percent more had to be flaked than for one year.
Pig iron, steel and ferro-alloys rose by 60.9 percent.
The prices for many imported agricultural goods also rose noticeably: green coffee rose by 44.8 percent, grain by 30.3 percent.