FX.co ★ German Import Prices Ease from 2-1/2-Year High

Germany’s import prices rose by 6.1% year-on-year in June 2026, easing from May’s 6.8% increase, which had been the strongest annual gain since December 2022. The latest figure came in slightly above market expectations of 6.0% and marked the fourth consecutive month of annual price growth.

Energy prices remained the primary driver of the overall increase, although their annual rate of growth slowed notably (23.9% vs 37.2% in May). Within energy, there were sharp rises in electricity (70.8%), petroleum (36.0%), crude oil (32.1%), hard coal (12.1%), and natural gas (8.3%).

Prices of intermediate goods accelerated (10.3% vs 10.1% in May), largely reflecting higher costs for non-ferrous metals and semi-finished products (27.5%), including significant increases in precious metals (34.5%) and copper (30.3%). Inflation in capital goods also picked up (2.9% vs 2.2%).

By contrast, import prices for consumer goods continued to decline (-0.8% vs -1.3%), as non-durable consumer goods fell by 1.2%, while durable consumer goods edged up by 0.7%.

On a monthly basis, import prices fell by 0.7% in June, reversing the 0.7% increase recorded in May and registering the first month-on-month decline since December, in line with market estimates.