BERLIN, March 31 (Reuters) – German import costs in February registered their smallest enhance in two years as power costs eased.
February import costs have been up 2.8% 12 months on 12 months, the statistics workplace stated on Friday. Analysts polled by Reuters had anticipated a 4.2% enhance.
December and January's import costs had risen by 12.6% and 6.6% respectively and February's enhance was the smallest because the similar month in 2021.
The year-on-year enhance in February was primarily due to excessive costs for shopper and capital items, whereas import costs for power decreased by 8.1%, the statistics workplace stated.
The conflict in Ukraine led to import costs rising by a median of 26.3% in 2022, the best development because the 1974 oil disaster. Since September, nonetheless, inflationary strain has eased considerably.
In contrast with the earlier month, import costs fell in February by 2.4% for his or her sixth consecutive decline. Analysts polled by Reuters had anticipated a month-to-month decline of 1%.
Because the German economic system sources many intermediate merchandise and uncooked supplies from overseas, falling import costs have a delayed impression on common inflation.
German shopper costs, harmonised to check with different European Union international locations, rose by an annual 7.8% in March, the bottom price since April 2022.
The statistics workplace affords extra detailed economic data for import costs on its web site.
Reporting by Maria Martinez, Rene Wagner and Matthias Williams
Enhancing by Rachel Extra and David Goodman
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