Germany September import prices -0.9% vs +0.6% m/m expected

• Prior +4.3%
• Import prices +29.8% vs +31.0% y/y expected
• Prior +32.7%

This is the first monthly drop in import prices since April 2020, with prices for natural gas and crude oil both sliding by roughly 3% compared to August. Overall energy imports were seen 4.0% down relative to the previous month, contributing to the drop. That is perhaps a positive development but the year-on-year readings are still extremely elevated, so it is just a slight comfort.