Germany's import prices increased for the second straight month in December, and at the fastest pace in nearly two years, data from Destatis showed on Thursday.
Import prices registered an annual increase of 2.0 percent, following a 0.6 percent rise in November.
Further, this was the fastest import price inflation since February 2023, when prices had risen 3.1 percent.
The annual price growth was largely driven by 4.6 percent higher charges for imported consumer goods, especially food commodities. Durable goods were 2.0 percent more expensive.
Prices for imported agricultural goods grew 8.6 percent, and those of intermediate goods climbed by 1.4 percent. Imported costs for energy and capital goods increased by 0.4 percent and 0.5 percent, respectively.
Month-on-month, import prices moved up 0.4 percent, after rising 0.9 percent in the previous month. The expected growth was 0.5 percent.
Data showed that export price inflation accelerated to 1.8 percent from 1.2 percent a month ago. On a monthly basis, export prices increased at a stable pace of 0.3 percent.
During the year 2024, import prices showed a decline of 1.2 percent compared to a 6.5 percent fall in 2023. On average, export prices in 2024 were 0.3 percent higher compared to last year.