Prices Of Germany's Imported Goods Show Biggest Drop Since 2009 In April - Authorities

Prices of Germany's Imported Goods Show Biggest Drop Since 2009 in April - Authorities

The prices of goods imported into Germany decreased by 7% on average in April 2023 year-on-year following the stabilization of energy markets, marking the biggest drop in 14 years, the German Federal Statistical Office said on Wednesday

MOSCOW (UrduPoint News / Sputnik - 31st May, 2023) The prices of goods imported into Germany decreased by 7% on average in April 2023 year-on-year following the stabilization of energy markets, marking the biggest drop in 14 years, the German Federal Statistical Office said on Wednesday.

"The index of import prices decreased by 7.0% in April 2023 compared with the corresponding month of the preceding year ... this was the highest decrease compared with the preceding year since October 2009," the agency said.

The office explained the big drop in annual terms by the Ukraine conflict, which resulted in surging costs of energy carriers last year. The prices have decreased since then and are now disproportionately affecting the average import prices, the statement read.

Compared to the figures reported in March 2023, the prices of goods imported into Germany decreased by 1.

7%.

Since 2021, energy and food prices in Europe have been surging as part of a global trend, in large part due to COVID-19 restrictive measures. After the beginning of Russia's special military operation in Ukraine in February 2022, the West increased sanctions pressure on Moscow, with disruptions of supply chains leading to higher fuel and food prices in Europe.

The situation in Germany is also complicated by Berlin's plans to abandon nuclear power industry in order to switch the country's energy consumption to environmentally friendly sources. In April, the authorities stopped the operation of the last three power units of nuclear power plants in the country.