Import prices were 11.4% lower in June 2023 compared with June 2022. The Federal Statistical Office (Destatis) reports that this represents the largest year-on-year decrease in prices recorded since September 2009 (also -11.4% from September 2008), when prices fell sharply in the context of the financial and economic crisis. The decline is primarily due to a base effect originating from the high price level in 2022 as a result of the war in Ukraine. The year-on-year rate of change for import prices was -9.1% in May 2023, and -7.0% in April 2023. Compared with March 2023, import prices also decreased notably by 1.6% ... (full story)