FX.co ★ German Import Prices Drop the Most in 20 Months

In November 2025, Germany observed a 1.9% year-on-year decline in import prices, following a 1.4% decrease seen in the preceding month. This represents the eighth consecutive month of reductions in import prices and the most significant drop since March 2024. The decline is largely attributed to a sharp decrease in energy costs, which fell by 15.7%. Notably, there were significant reductions in the prices of crude oil (down by 21.7%), hard coal (down by 20.9%), electricity (down by 10.6%), and mineral oil products (down by 7.2%). When energy costs are excluded, import prices fell by 0.3%. Other notable decreases include a 0.5% drop in capital goods and a 3.2% contraction in agricultural imports, heavily impacted by a substantial 28.0% decline in raw cocoa prices. Consumer goods experienced a 0.3% decline, with non-durable goods specifically decreasing by 0.1%, mainly due to a 22.2% reduction in olive oil prices. In contrast, prices for intermediate goods saw a slight rise of 0.3%. On a month-to-month basis, import prices unexpectedly rose by 0.5% in November, surpassing market predictions of a 0.1% increase, after a 0.2% rise in October, marking the swiftest monthly increase in 10 months.