Prices of imported goods and services in Germany continued to fall at a rapid pace in October due to the depreciation of energy products. This is according to data from the Federal Statistical Office Destatis, published today on its website.

Import prices fell 13 per cent in October from the same month last year after falling by 2023.14 per cent year-on-year in September 3.

On a monthly basis, however, import prices in Germany increased by 0.3% (compared to September 2023).

The prices of German exports of goods and services also fell in October - by 2.3 compared to the same month of 2022.

Europe's Gas Prices Are Getting Cheaper Despite Cold Heat

The decrease in import prices in Germany comes against the backdrop of a significant drop in the value of imported energy products. Last month, they were 43.5 percent cheaper than in October 2022, but on a monthly basis (compared to September 2023), their imports were more expensive by 1.8 percent.

The biggest difference was reported in the import of natural gas, which in October 2023 was 65.3% cheaper on an annual basis. Compared to September this year, however, blue fuel has risen by 4.3 percent.

Another study by the statistics office found that wages in Germany were raised by 6.3 percent in nominal terms in the third quarter of the year compared to the same period last year. Consumer prices increased by 5.7 percent over the same period, meaning wages in the country were 0.6 percent higher in real terms in the July-September period, Destatis said.

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