High energy costs drive rise in German import prices

27th April 2010, Comments 0 comments

More expensive energy and fuel costs drove import prices in Germany in March to their highest level since September 2008, the Federal Statistics Office said Tuesday, as economic recovery gathered pace.

Prices were five percent higher than at the same time last year and rose 1.7 percent compared to February for a sixth consecutive monthly rise.

"The price rise in March 2010 can be especially attributed to a spike in energy prices," the statistics office said, adding that crude oil was more than 60 percent more expensive than in 2009.

Raw materials also drove prices higher, with copper up nearly 86 percent.

For all of 2009, German import prices were 8.6 percent lower on average than in 2008, owing to the global economic crisis, which crimped demand.

But as the economy in Europe and further abroad is gingerly getting back on its feet, inflation is creeping back.

Data earlier this month showed that inflation on a 12-month basis in Germany, Europe's top economy, was at its highest for 15 months in March, at 1.1 percent.

© 2010 AFP

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