German import prices soar in November: statistics

22nd December 2010, Comments 0 comments

German import prices shot up by 10 percent in November on an annualised basis, official data released on Wednesday showed, a warning sign regarding inflation in Europe's biggest economy.

It was the strongest increase in 10 years, a statement issued by the Destatis statistics office said, and resulted from leaps in the cost of energy, raw materials and metals.

The price of ferrous minerals nearly doubled while other minerals gained 35.7 percent, the figures showed.

On a monthly basis, nickel prices were 45.6 percent higher, copper gained 36 percent and raw aluminium was up by 22.7 percent, according to a detailed breakdown of the data.

Higher import prices generally feed into consumer prices and the news might catch the attention of policymakers at the European Central Bank in Frankfurt.

The ECB is firmly committed to keeping inflation below but close to 2.0 percent, the level it was already at in November.

© 2010 AFP

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