The already high inflation in Germany is accelerating further.
In January, the prices of goods imported into Germany rose by 26.9 percent compared to the same month last year, as the Federal Statistical Office announced on Friday in Wiesbaden.
That was the strongest increase since October 1974. On average, analysts had expected a much weaker increase.
Import prices increased by 4.3 percent compared to the previous month.
This was also a much stronger increase than expected.
Energy continues to drive prices significantly.
It increased in price by 144.4 percent compared to the same month last year.
Compared to the previous month, energy was 12.9 percent more expensive.
With a price surge of 302.7 percent, natural gas was around four times more expensive than a year ago.
Crude oil (up 66.8 percent) and petroleum products such as petrol (up 73.2 percent) were also significantly more expensive than a year earlier.
Electricity was more than three times as expensive as it was a year ago (plus 212.5 percent).
Compared to December 2021, however, prices fell significantly (minus 23.4%), writes the authority.
There were also high price increases for many primary products such as wood, metals and plastics.
Import prices are among the components that affect consumer prices.
The European Central Bank (ECB) is aligning its monetary policy with this and is aiming for an inflation rate of two percent in the euro zone in the medium term.
The cost of living for consumers has been rising at an unusually high rate for a long time.
So far, the ECB has not responded by raising interest rates.