Import prices in Europe’s most developed economy rose by 16.5% year on year in August, the fastest growth in 40 years. This was reported by the Federal Statistical Office of Germany, which is quoted by world agencies.
The main reason for the record increase in imports is rising oil and gas prices. Supply chain challenges are contributing to rising inflation, and many cĸopo consumers are also projected to be hit.
Germany’s energy consumption due to imports increased by 93.6%, mainly due to a sharp rise in natural gas prices, according to the country’s statistical office. Prices for many types of raw materials have also risen sharply. In August, according to the data, iron ore was 96.8% more expensive, and the price of wood increased by 61.6%. Cast iron and steel are 57.7% more expensive.
At the same time, the difficulties in supply chains affecting German companies have intensified, according to a study published today by the Institute of Statistics and quoted by Reuters. According to the data obtained, 77.4% of German industry is experiencing difficulties with the purchase of products and raw materials this month. For car companies, this figure is 97%.
The number of German companies planning to raise prices is growing, according to the Institute of Statistics. Economists expect that new inflation data, due to be announced tomorrow, September 30, will also show rising consumer prices.