Import prices were 13.2% lower in July 2023 compared with July 2022. The Federal Statistical Office (Destatis) reports that this represents the largest year-on-year decrease in prices recorded since January 1987 (-14.2% from January 1986). As in the previous months, the decline is primarily due to a base effect originating from the large price increases in 2022 as a result of the war in Ukraine. The year-on-year rate of change was -11.4% in June 2023, and -9.1% in May 2023. Import prices were also down in July 2023 (-0.6%) compared with June 2023. The year-on-year export prices decreased substantially by 3.2% in July ... (full story)