German import prices rose strongly in January, reflecting the strongest monthly jump since January last year. But compared to the same month a year ago, import prices are seen down 2.3%. Once again, that is largely due to a drag in energy prices – down by over 21% in that period. If you strip that out, import prices were actually up 0.1% year-on-year instead.

Looking at the breakdown for the month though, we can see the changes as per the following:

• Capital goods +0.4%
• Intermediate goods +2.2%
• Durable consumer goods +0.4%
• Non-durable consumer goods -0.4%
• Energy prices +3.5%; of which electricity +16.6%, crude oil +4.1%, petroleum products +0.7%