30.04.202606:09:59UTC+00German Import Prices Rise More than Expected

Germany’s import prices rose 2.3% year-on-year in March 2026, rebounding from a 2.3% decline recorded in each of the previous three months and exceeding market expectations of a 1.6% increase. This was the first annual rise in import prices since March 2025 and the fastest rate of growth since February 2025.

The upturn was driven primarily by a 13.2% surge in energy import costs, as prices climbed for petroleum products (+41.6%) and electricity (+4.4%). Prices for intermediate goods also increased by 4.1%, supported by notable gains in non-ferrous metals and semi-finished non-ferrous metal products (+25.8%) and precious metals (+58.4%).

Prices for capital goods edged up 0.6%. In contrast, consumer goods prices fell 1.9%, with both durable goods (-1.1%) and non-durable goods (-2.1%) registering declines. Agricultural import prices dropped 6.2%, led by steep falls in raw cocoa (-57.8%), green coffee (-14.4%), and live pigs (-8.7%).

On a month-on-month basis, import prices increased 3.6% in March, a sharp acceleration from February’s 0.3% rise and above the consensus forecast of 3.3%.