德国11月进口价格指数同比下降1.9%

Core Insights - The German import price index decreased by 1.9% year-on-year in November 2025, marking the largest decline since March 2024 [1] - The decline in the import price index is primarily driven by a significant drop in energy prices, with the energy import price index falling by 15.7% year-on-year [1] Group 1: Import Price Index Trends - In October 2025, the import price index decreased by 1.4% year-on-year, while in September it decreased by 1.0% [1] - The month-on-month change in the import price index for November showed an increase of 0.5% [1] Group 2: Energy Price Impact - The oil price index fell by 21.7% year-on-year, the natural gas price index decreased by 15.6%, the electricity price index dropped by 10.6%, and the mineral oil products price index declined by 7.2% [1] - Excluding energy prices, the year-on-year decline in the import price index for November was only 0.3% [1] Group 3: Other Import Price Changes - The import price index for agricultural products decreased by 3.2% year-on-year, while the investment goods import price index fell by 0.5% and the consumer goods import price index decreased by 0.3% [1] - The import price index for food increased by 2.8%, with coffee prices rising by 36.2% and shelled hazelnut prices increasing by 62.7% year-on-year [1] Group 4: Economic Implications - The changes in the import price index are significant for the German economy, which heavily relies on imported raw materials and intermediate products, potentially impacting overall domestic inflation levels [1]