Germany November import price index -4.5% vs -1.6% m/m expected

• Prior -1.2%
• Import price index +14.5% vs +18.0% y/y expected
• Prior +23.5%

That’s a big drop in German import prices on the month, coming in well below estimates as we see a third monthly decline – the first since May 2020. The decline owes much to a fall in energy prices, which was seen down by 16.1% relative to October. However, even so, energy imports remain 37.9% more expensive than they were in the same period a year ago.