FX.co ★ German Import Price Inflation Hits Nearly 4-Year High

Germany's import prices rose 10.4% year-on-year in September 2026, up from 8.3% in August and slightly above market expectations of 10.3%. This marked the highest annual increase since November 2022, largely driven by a sharp jump in energy costs (61.8% vs. 43% in August) amid the ongoing conflict in the Middle East. Electricity prices surged 96.2%, while mineral oil products (81.3%), crude oil (59.3%), natural gas (53.9%), and hard coal (25.1%) also recorded strong increases. Prices for intermediate goods climbed 11.1%, up from 11.0% a month earlier, led by a 26.8% rise in non-ferrous metals and related semi-finished products. Capital goods prices advanced 4.5%, and consumer goods prices inched up 0.2%, as a 2.1% gain in durable goods was partially offset by a 0.4% decline in non-durable goods. On a monthly basis, import prices increased 2.1%, following a 1.0% rise in August and surpassing market forecasts of 1.8%, reaching their highest monthly gain since March.