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Germany import price index falls 3% year-over-year in February

Germany import price index falls 3% year-over-year in February

BERLIN: Germany’s import prices declined at a slower-than-expected pace in February, figures from Destatis showed Friday.

The import price index fell 3.0 percent year-over-year in February, below economists’ expectations for a 3.9 percent decrease.

In January, prices had fallen 4.4 percent, which was the sharpest since December 2009, when it dropped 5.0 percent.

February’s decline in the index was largely influenced by the sharp 28.4 percent decline in energy prices from the previous year. Meanwhile, excluding energy, overall index climbed 1.8 percent.

Month-on-month, import prices rose 1.4 percent in February, reversing a 0.8 percent drop in the preceding month. Economists had expected a 0.5 percent rise for the month. It was the first increase in five months.

At the same time, export price index climbed at a faster pace of 0.7 percent annually in February, following a 0.4 percent rise in the prior month. It was the sixth successive monthly increase.

On a monthly basis, export prices rose for the second straight month in February by 0.3 percent, but slower than January’s 0.5 percent hike.