Press release No. 038 of 30 January 2025

Import prices, December and full year of 2024
+2.0% on the same month a year earlier
+0.4% on the previous month
-1.2% on an annual average in 2024 compared with 2023

Export prices, December and full year of 2024
+1.8% on the same month a year earlier
+0.3% on the previous month
+0.3% on an annual average in 2024 compared with 2023

WIESBADEN – Import prices were 2.0% higher in December 2024 than in December 2023. Compared with the same month a year earlier, the rate of change was +0.6% in November 2024, and -0.8% in October 2024. The Federal Statistical Office (Destatis) also reports that import prices in December 2024 rose by 0.4% on November 2024.

Export prices in December 2024 were 1.8% higher than in December 2023. Compared with the same month a year earlier, the rate of change was +1.2% in November 2024, and +0.6% in October 2024. Compared with November 2024, export prices were up 0.3% in December 2023.

Year-on-year increase in import prices mainly due to high prices of consumer goods

The 4.1% increase in consumer goods prices compared with the same month of the previous year (+0.5% on November 2024) had the biggest impact on the overall development of import prices in December 2024. The prices of imported non-durable consumer goods were 4.6% higher than in December 2023, durable consumer goods cost 2.0% more than a year earlier.

In the non-durable consumer goods category, the prices of food (+10.2%), in particular, were markedly higher than in December 2023. Compared with December 2023, the price of cocoa, chocolate and sugar confectionery was up by an average of 71.2%, orange juice by 69.5%, poultry meat by 20.0%, and milk and milk products by 13.3%. In the case of confectionery, the increase was mostly attributable to higher prices of cocoa butter, fat and oil (+188.1%) and of chocolate and other confectionery (+28.1%).

Higher prices also for agricultural goods, intermediate and capital goods

Imported agricultural goods cost 8.6% more in December 2024 than in the same month of the previous year (+0.3% compared with November 2024). In particular, the prices of raw cocoa increased substantially year on year (+135.5%) and rose 11.0% on the previous month. Green coffee cost 43.9% more compared with December 2023 and 2.4% more than in November 2024. By contrast, the prices of onions (-36.5%), cucumbers (-32.0%), tomatoes (-28.0%), Brussels sprouts, cauliflowers and broccoli (-19.3%) and live pigs (-15.8%), for example, were down from the previous year.

The prices of intermediate goods were 1.4% higher than in the same month of the previous year (+0.1% on November 2024), capital goods prices increased 0.5% year on year (+0.2% on November 2024).

Below-average increase in energy import prices

Energy imports were also more expensive than in December 2023 (+0.4%). Compared with November 2024, prices here were up 1.3%, on average.

Import prices of electricity increased by 62.2% compared with December 2023 (-4.7% on November 2024), import prices of natural gas were up 9.0% year on year (+4.7% on November 2024).

By contrast, imported hard coal (-15.3%), mineral oil products (-5.9%) and crude oil (-5.7%) were less expensive than in December 2023.

Whereas lower prices were recorded also month on month for hard coal (-1.2%) and crude oil (-1.1%), mineral oil products cost 0.4% more compared with November 2024.

When energy prices are excluded, import prices in December 2024 were 2.1% higher than in December 2023. They were up 0.3% compared with November 2024. If only crude oil and mineral oil products are not considered, the import price index was 2.4% above the level of December 2023 and 0.4% higher than in November 2024.

Annual average 2024: import prices down due to lower energy prices

On an annual average basis, import prices were 1.2% lower in 2024 than in 2023. In 2023, they were 6.5% lower than a year earlier, while they exceeded the previous year's prices by 21.8% in 2022.

The price development for imported energy sources had the biggest influence on the rate of change in import prices, resulting in a 9.9% decrease compared with 2023. Natural gas cost 17.3% less compared with 2023, the prices of hard coal and electricity were down 16.6% and 16.1%, respectively. On an average basis, the prices of mineral oil products also decreased compared with 2023 (-6.3%), including diesel fuel and heating oil (-9.4%) and petrol (-9.0%). Crude oil prices were down 2.4% year on year.

On an annual average basis, the import price index excluding energy was only slightly lower in 2024 than in 2023 (-0.1%). If only crude oil and mineral oil products are not considered, import prices decreased by 1.1% from 2023.

The prices of intermediate goods were also down in 2024 (-2.2%) compared with 2023. By contrast, the average prices of imported agricultural products were 4.1% higher than a year earlier, those of consumer goods increased by 1.8% and of capital goods by 0.2%.

Price increases compared with December 2023 especially for exports of consumer goods

In the case of exports, the increase in the prices of consumer goods in December 2024 had the biggest influence on the development of prices, with the prices of such goods up 3.6% on December 2023 (+0.4% on November 2024). While durable consumer goods were 1.1% more expensive year on year, the prices of non-durable consumer goods were 4.1% higher than in December 2023. Higher prices were observed in particular for exported cocoa, chocolate and sugar confectionery (+49.2%), mainly including cocoa paste, cocoa butter, fat and oil and cocoa powder (+182.7%). Exports of butter and dairy spreads were 42.2% more expensive than in December 2023. Coffee, decaffeinated or roasted, cost 28.3% more than in December 2023.

The prices of exported agricultural products were 2.6% higher than in December 2023 (+2.4% on November 2024).

The prices of exported capital goods also increased from December 2023 (+1.5%). The year-on-year price increases both for machinery and for motor vehicles and their engines (+2.1% in each case) played a key role here. Capital goods prices were up 0.2% compared with November 2024.

Exports of intermediate goods were 1.1% more expensive compared with the same month a year earlier. Compared with the previous month, these prices increased slightly by 0.1%.

By contrast, energy exports cost 0.8% less than in the same month a year earlier, but were up 1.7% compared with November 2024. The prices of natural gas (-6.6%) and mineral oil products (-5.6%) were considerably lower year on year. Compared with November 2024, exports of natural gas were 5.4% more expensive, however, and the prices of mineral oil products rose by 0.6%.

Increase in export prices in 2024 compared with 2023 mainly due to higher prices for exported capital goods

On an annual average basis, export prices were 0.3% higher in 2024 than in 2023. In 2023, they were 0.6% higher than a year earlier, in 2022 they exceeded the previous year's prices by 13.5%.

The 1.9% increase in capital goods prices was the main factor influencing the year-on-year rate of change.

The prices of consumer goods were also significantly higher than in 2023 (+2.0%), which was mainly due to the 2.2% increase in the prices of non-durable consumer goods. Durable consumer goods prices rose by 1.1%, on an average basis.

By contrast, lower prices than in 2023 were recorded for agricultural products (-2.4%) and intermediate goods (-1.2%).

More information:

All current results are also provided in the statistical reports on the statistics of import and export prices. Long time series are also available in the tables on the index of import prices (61411-0002 and 61411-0006) and index of export prices (61421-0002 and 61421-0006) in the GENESIS-Online database.

Import price indices are also available on Dashboard Germany at www.dashboard-deutschland.de (only in German). In this data portal, the Federal Statistical Office brings together up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, the labour market, construction, housing, energy and Ukraine. The portal also contains the Economic Pulse Monitor tool (Pulsmesser Wirtschaft) (only in German) for real-time economic monitoring.