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Import prices in December 2023: -8.5% on December 2022
Import prices were 8.5% lower in December 2023 compared with December 2022. The Federal Statistical Office (Destatis) reports that the year-on-year rate of change was -9.0% in November 2023 and -13.0% in October 2023. The large decreases are still primarily due to a base effect originating from the high price increases in 2022. Compared with November 2023, import prices were down 1.1% in December 2023. On an annual average basis, import prices were 8.3% lower in 2023 than in 2022. That was the largest year-on-year drop in prices since 2009 (-8.6% on 2008). Export prices in December 2023 were down 2.4% year on year. ... (full story)