Press release No. 450 of 29 November 2024

Import prices, October 2024
-0.8% on the same month a year earlier
+0.6% on the previous month

Export prices, October 2024
+0.6% on the same month a year earlier
+0.3% on the previous month

WIESBADEN – Import prices were 0.8% lower in October 2024 compared with October 2023. Compared with the same month a year earlier, the rate of change was -1.3% in September 2024, and +0.2% in August 2024. The Federal Statistical Office (Destatis) also reports that import prices in October 2024 rose by 0.6% on September 2024.

Export prices in October 2024 were 0.6% higher than in October 2023. Compared with the same month a year earlier, the rate of change was +0.4% in September 2024, and +0.8% in August 2024. Compared with September 2024, export prices were up 0.3% in October 2024.

Drop in import prices compared with October 2023 due to lower energy prices

The decrease in energy prices of 14.1% compared with the same month of the previous year had the biggest impact on the overall development of import prices in October 2024. Crude oil imports were 18.9% less expensive than in the same month a year earlier (+3.8% on September 2024). Mineral oil products cost 17.7% less than in October 2023 (+4.6% on September 2024). In particular, the prices of diesel fuels and heating oil (-26.5%) and petrol (-19.1%) were down from the previous year. However, the prices for both product groups were up significantly on September 2024, with diesel fuel and heating oil rising by 4.9% and petrol increasing by 4.5%.

Compared with October 2023, the import prices of natural gas were down 6.9% but were up 2.2% on September 2024. Electricity prices declined by 0.8% from the same month a year earlier but were 9.2% higher than in September 2024.

When energy prices are excluded, import prices in October 2024 were 0.9% higher than in October 2023. They were up 0.4% compared with September 2024. If only crude oil and mineral oil products are not considered, the import price index was 0.4% above the level of October 2023 and 0.5% higher than in September 2024.

Higher prices of consumer goods

The import prices of consumer goods in October 2024 were up 2.1% on the same month a year earlier (+0.4% on September 2024). While durable consumer goods barely increased in price compared with October 2023, rising 0.1% year on year (+0.4% on September 2024), the import prices of non-durable consumer goods were 2.7% higher than in October 2023 (+0.5% on September 2024).

In the case of non-durable consumer goods, food, in particular, cost significantly more (+7.3%) than in October 2023. Compared with October 2023, the price of cocoa, chocolate and sugar confectionery was up by an average of 59.3%, orange juice by 58.6%, milk and milk products by 12.9% and poultry meat by 11.2%.

Higher prices also for agricultural products and intermediate goods, capital goods remain unchanged

The prices of imported agricultural products were 7.2% higher compared with the same month of the previous year (+1.9% compared with September 2024). Raw cocoa, in particular, was much more expensive than a year earlier (+91.5%) but cost 0.4% less compared with the previous month. The prices of green coffee were 21.4% higher than in October 2023, but were also lower than in the previous month (-3.9%). By contrast, the prices of onions (-37.3%) and live pigs (-8.2%), for example, were down from the previous year.

Intermediate goods prices were 0.2% higher than in the same month a year earlier. Compared with the previous month, they increased by 0.5%.

The prices of capital goods remained unchanged year on year, and rose 0.2% on September 2024.

Price increases particularly for exports of consumer goods

In the case of exports, the increase in the prices of consumer goods in October 2024 had the biggest influence on the development of prices, with the prices of such goods up 2.7% on October 2023 (+0.3% on September 2024). While durable consumer goods were only 0.7% more expensive year on year, the prices of non-durable consumer goods were 3.1% higher than in October 2023. Registering an increase of 175.4%, exports of cocoa paste, cocoa butter, fat and oil and cocoa powder were almost three times more expensive than a year earlier, while the prices of exported cocoa, chocolate and sugar confectionery were 44.4% higher than in October 2023.

Compared with October 2023, exports of capital goods were 1.3% more expensive (unchanged on September 2024). The price increases for machinery (+1.9%) and motor vehicles, trailers and semi-trailers (+1.4%) compared with October 2023 played a key role here.

The prices of exported intermediate goods were 0.4% higher compared with the same month of the previous year and were up 0.2% on the previous month.

Exports of agricultural products also cost more in comparison (+0.3% on October 2023 and +0.6% on September 2024).

By contrast, energy exports were 19.4% less expensive than in the same month a year earlier, but were up 3.8% compared with September 2024. The prices of natural gas
(-25.4%) and mineral oil products (-18.2%) were considerably lower year on year. Compared with September 2024, exports of natural gas were 4.4% more expensive, however, and the prices of mineral oil products rose by 2.3%.

More information:

All current results are also provided in the statistical reports on the statistics of import and export prices. Long time series are also available in the tables on the index of import prices (61411-0002 and 61411-0006) and index of export prices (61421-0002 and 61421-0006) in the GENESIS-Online database. The results for the period before 2021 are now also available on the new base.

Import price indices are also available on Dashboard Germany at www.dashboard-deutschland.de) (only in German). In this data portal, the Federal Statistical Office brings together up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, the labour market, construction, housing, energy and Ukraine. The portal also contains the Economic Pulse Monitor tool (Pulsmesser für die Wirtschaft) (only in German) for real-time economic monitoring.

Important information regarding the GENESIS-Online database:

After leaving the beta phase, our database's new user interface has been available as the main interface version since 5 November 2024. The new interface offers faster data retrieval and intuitive table search and customisation options. Changes have also been made to the structure of the machine-readable flat file (CSV) format and the data output format for table downloads. For further details and other important information on the release, please see the info page of the new GENESIS-Online database.