Berlin: Germany's import prices rose 6.8% year-on-year in July, accelerating from a 6.1% increase in June, the Federal Statistical Office, Destatis, said Friday. On a monthly basis, import prices increased 0.2%, which was below market expectations of a 0.3% rise.

According to Anadolu Agency, energy and intermediate goods were the main drivers of the annual increase as the Iran war continued to push up energy costs. Imported energy prices jumped 26.4% from a year earlier and 1.3% from June. Petroleum product prices surged 47.5% annually, while crude oil rose 22.3%, electricity 19.7%, natural gas 18.8%, and hard coal 17.5%.

Prices increased 99% for lubricants and other oils, 62.6% for jet fuel, 52.4% for diesel and light heating oil, and 50.3% for gasoline. Compared with June, petroleum products became 10.2% more expensive, led by increases of 14.9% for diesel and light heating oil and 14.1% for jet fuel. However, crude oil prices fell 7.7% month-on-month, Destatis said.

Imported intermediate goods cost 10.2% more than a year earlier, reflecting sharp increases in non-ferrous metals, plastics, and electronic components. Prices rose 33% for copper and semi-finished copper products, 25.1% for precious metals, and 20.4% for aluminum. Excluding energy, import prices increased 4.8% year-on-year and 0.1% month-on-month.

Meanwhile, Germany's export prices climbed 4.2% annually in July, marking the strongest increase since February 2023, following a 3.5% rise in June. Export prices rose 0.4% from the previous month. Energy export prices surged 27.2% annually, while prices for exported intermediate goods increased 6.5%.