Frankfurt (dpa) – Prices of imports to Germany jumped by 24.7 per cent year on year in November, according to data released on Thursday by the Federal Statistical Office (Destatis).
It was the highest jump seen since October 1974, when prices were driven up by an oil embargo linked to the Yom Kippur War.
In October, German import prices rose by 21.7 per cent year on year.
Analysts had expected another significant rise in November, although their forecasts averaged at 22.3 per cent.
On the previous month, import prices rose in November by a hefty 3 per cent. However, the price surge had weakened somewhat compared to 3.8 per cent in October.
The upward trend is particularly strong for imported energy, which was 160 per cent more expensive than a year ago. Natural gas was almost four times as expensive as a year earlier, while import prices for crude oil and mineral oil products roughly doubled. Electricity recorded the highest year-on-year price increase, up 360 per cent.
The high price rises come amid stark tensions in global trade, largely attributed to the coronavirus pandemic.
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