Germany’s import prices fell 2.3% year-on-year in February 2026, matching the declines recorded in the previous two months. This was the eleventh consecutive month of falling import prices and the sharpest annual drop since March 2024, driven primarily by a 20.9% plunge in energy costs. Within the energy component, prices declined for natural gas (-27.9%), electricity (-25.6%), crude oil (-19.1%), hard coal (-14.2%), and petroleum products (-11.4%).
Agricultural import prices also decreased, down 5.7% year-on-year, with notable falls in raw cocoa (-47.4%), live pigs (-21%), and raw coffee (-9.1%). Consumer goods prices dropped 3.2%, as both durable (-2.8%) and non-durable goods (-3.3%) registered declines.
In contrast, prices for intermediate goods rose 2.5%, supported mainly by significant increases in precious metals and semi-finished products (60.3%) and in non-ferrous metals (24.8%).
On a monthly basis, import prices edged up 0.3%, moderating from a 1.1% rise in January but slightly exceeding market expectations of a 0.2% increase.
