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Economy

German import prices down sharply in May

German import prices experienced their biggest drop in more than 22 years last month, falling 10.4 percent from May 2008, official data released on Friday showed.

Purse with cash and credit cards

Lower prices are good news for consumers

The decline was the sharpest since February 1987, when the average price of imported goods dropped 12.6 percent, according to the Federal Statistics Office in Wiesbaden.

The May downturn follows steep declines in March and April of this year, when prices fell more than seven and eight percent respectively.

On a monthly basis, the statistics office said it expected prices in June would remain largely unchanged compared to May.

Energy cost 37.8 percent less in May than a year ago, with crude oil down 45.1 percent, reflecting the sharp correction from record highs in mid-2008. But, German oil prices have climbed almost 10 percent from May to June of this year.

Figures for the German consumer price index in June will be released later and are expected to show Europe's largest economy heading into a brief deflationary period.

gb/dpa/AP/AFP
Editor: Trinity Hartman

DW.DE

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