April: +2.0% m/m, +7.9% y/y
MNI survey median: +1.8% m/m, +7.7% y/y
MNI survey range: +1.3% m/m to +2.0% m/m
March: +1.7% m/m, +5.0% y/y
—
FRANKFURT (MNI) – Much as expected, import prices in Germany rose
in April for the seventh month in a row, driven mainly by costlier
energy and basic goods, the Federal Statistical Office reported on
Friday.
The 2.0% monthly rise left prices 7.9% higher on the year, the
biggest annual increase since August 2008.
Crude oil (+8.8% m/m, +65.4% y/y) and mineral oil products (+4.4%
m/m, +56.1% y/y) once again boosted the overall index. Excluding the two
components, import prices were 1.4% higher than in March and were up
3.3% on the year.
Since early May, crude prices in dollars have fallen some 20% amid
the Eurozone sovereign debt crisis. This should largely offset the
impact on imported oil prices of the slide in the euro-dollar since the
start of the year.
The recent downward revision by the International Energy Agency
(IEA) for expected oil demand this year, combined with the upward
revisions for non-OPEC supply suggest that oil prices could remain under
pressure for some time.
However, the weaker euro is boosting import prices for other
commodities, which are already feeding through to basic goods prices.
Basic goods prices were up 3.2% on the month in April and 10.7% higher
on the year.
Capital goods however were only 0.1% more expensive on the month
and were 1.0% cheaper on the year. Consumer goods gained 0.4% on the
month and were 0.2% more expensive on the year.
German export prices were 1.0% higher on the month in April and
were up 3.0% on the year, the sharpest yearly gain since November 2000,
the statistics office noted.
— Frankfurt bureau tel.: +49-69-720142. Email: frankfurt@marketnews.com
[TOPICS: M$G$$$,MAGDS$,MT$$$$,M$XDS$,M$X$$$]
