German Import Prices Jump 10.4% in September as Energy Costs Accelerate
Key Facts
German import prices rose 10.4% year on year in September 2026, compared with an 8.3% increase in August, according to a table from the Federal Statistical Office of Germany, Destatis. The gap between the two readings reflects a clear acceleration in the cost of goods entering the country, with energy leading annual increases. Prices for imported energy rose 61.8% in September, versus 43.0% in the previous month. Meanwhile, prices for intermediate goods rose 11.1% year on year, a modest increase from 11.0% in August. Together, these figures put energy and materials used in production at the heart of the rise in import prices during the month.
The annual increase in import prices was 8.3% in August, when the index also rose 1.0% month on month from July, according to Destatis' statement for that month. The office said imported energy, up 43.0% year on year, and intermediate goods, up 11.0%, had the biggest impact on the index's rise at the time. It also noted that import prices excluding energy were 5.1% above their level a year earlier in August. Excluding only crude oil and its products, the index rose 6.5% year on year in the same month. These comparisons provide context for the September reading, but do not specify the index's monthly change that month.
In the inflation details, German consumer prices showed a parallel acceleration in September, with the annual rate at 3.3%, compared with 2.9% in August and 2.8% in July, according to Destatis. Office President Ruth Brand said inflation exceeded 3% in September, reaching a new high for the year and its highest reading since December 2023. She added that energy price developments were again responsible for the increase in the inflation rate. The rise in consumer prices was clearly visible, she said, in petroleum products at petrol stations and in heating oil. Her remarks link higher energy costs to the consumer price basket, while the import price index tracks the cost of goods entering Germany.
Consumer price data for September showed fuel prices up 37.1% and heating oil up 74.9% from the same month a year earlier, according to Destatis. The office said the impact of a cut in the energy tax on fuel did not appear in September data because the measure did not take effect until October 1, 2026. The details follow Brand's warning that energy prices again contributed to higher inflation, with petroleum products and heating oil standing out. In parallel, imported energy prices rose 61.8% year on year in September, after 43.0% in August. Intermediate goods prices rose 11.1%, compared with 11.0% in the previous month, according to the import table.
The European Central Bank uses the Harmonised Index of Consumer Prices, or HICP, as a key measure of price stability in the euro area, according to an explanation by the Bundesbank. The index measures the average change in prices of goods and services households buy for consumption. This statistical framework provides context for tracking German inflation readings alongside import price data, which monitor changes in the cost of incoming goods. German consumer inflation was 3.3% in September, after 2.9% in August and 2.8% in July. Brand said higher energy prices drove inflation up in September, with notable increases in fuel and heating oil.
The next update is due on October 30, 2026, when Germany's flash estimate for the Harmonised Index of Consumer Prices for October is scheduled for release, according to the Bundesbank's update calendar. The release follows September data showing annual inflation of 3.3% in Germany and a 10.4% rise in import prices. The flash estimate will provide a more recent reading on consumer price movements under the harmonised measure used in the euro area. The Bundesbank describes the index as a key measure of price stability in the region, covering the average change in prices of consumer goods and services. October 30 remains the next scheduled update in the calendar for the October flash estimate.