Press release No. 368 of 31 August 2022
Import prices, July 2022
+28.9% on the same month a year earlier
+1.4% on the previous month
Export prices, July 2022
+17.0% on the same month a year earlier
+2.0% on the previous month
WIESBADEN – Import prices were 28.9% higher in July 2022 compared with July 2021. The Federal Statistical Office (Destatis) also reports that the increase slightly slowed for the third month in a row. The year-on-year rate of change had been +29.9% in June 2022 and +30.6% in May 2022. Compared with June 2022, import prices were up 1.4% in July 2022.
High price increase mainly caused by the development of energy prices
In July 2022, energy imports were 131.7% more expensive than in July 2021. The largest influence on the year-on-year rate of the energy price increase had the price increase of natural gas with a plus of 223.6%, followed by that of crude oil with a plus of 64.7%.
The index of import prices, excluding crude oil and mineral oil products, increased by 25.3% in July 2022 compared with July 2021 and rose by 2.5% in comparison with June 2022.
Increases in the prices of intermediate goods and energy are pushing up export prices
The index of export prices was 17.0% higher in July 2022 than in July 2021. A greater change on the previous year had last been recorded in October 1974 during the first oil crisis (+18.6% from October 1973). In June 2022 and May 2022, the year-on-year rate of change had been +16.1% and +15.9%, respectively. Compared with June 2022, export prices were up 2.0% in July 2022.
The import prices form part of the Crisis Monitor www.destatis.de/krisenmonitor), by means of which the Federal Statistical Office compares the development of major short-term indicators in the Covid-19 crisis and the financial and economic crisis of 2008/2009. Import prices are also provided on the Corona statistics webpage (www.destatis.de/corona) together with other indicators that can be used to assess the economic consequences of the Covid-19 pandemic.
More detailed data and long time series are available in tables Index of import prices (61411-0002 and 61411-0006) and Index of export prices (61421-0002 and 61421-0006) in the GENESIS-Online database.
