It is the largest increase since 1974 and is also driven by fuels, although restrictions and closures in China due to the coronavirus are exacerbating the shortage of materials in German industry. The current data also reflects the effects of the war in Ukraine, said the Wiesbaden-based Federal Statistical Office (Destatis).
Import prices in Germany registered a rise of 31.7% last April compared to the same month of 2021, compared to 31.2% in March, which represents the greatest increase since September 1974, when German imports became 32.6% more expensive during the first oil crisis.
Compared to March 2022, import prices in Germany increased by just 1.8%, after a 5.7% increase in March. At the same time, a survey by the Ifo economic research institute warns that the restrictions and closures in China due to coronavirus are aggravating the shortage of materials in German industry.
77.2% of the companies surveyed by Ifo in May complained of material shortages and supply problems, compared to 75% in April. “The closure of ports in China has made the situation for many companies even worse,” Ifo polling director Klaus Wohlrabe said in Munich. The massive disruption of logistics chains will significantly delay economic recovery.
In April 2022, energy imports were 157.4% more expensive than in April 2021. The greatest influence on the year-on-year rate was natural gas with a rise of 301.2%, followed by crude oil with 77 ,5%. Likewise, imported coal cost 322% more in April. Thus, the import price index, excluding oil and its derivatives, increased by 27.6% in April 2022 compared to April 2021 and by 2.3% compared to March 2022.
Import prices in Germany registered a rise of 31.7% last April compared to the same month of 2021