Import prices were 16.4% lower in August 2023 compared with August 2022. This represents the largest year-on-year decline in import prices recorded since November 1986 (-16.5% on November 1985). 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 Federal Statistical Office (Destatis) also reports that the year-on-year change rate was -13.2% in July 2023 and -11.4% in June 2023. Compared with July 2023, import prices were up 0.4% in August 2023, after having fallen consistently month on month since September ... (full story)