Germany's import prices fell by 1.9% year-on-year in November 2025, following a 1.4% decline in the previous month. This marked the eighth consecutive month of falling import prices and the steepest drop since March 2024, driven largely by a sharp decline in energy costs (-15.7%), particularly in crude oil (-21.7%), hard coal (-20.9%), electricity (-10.6%), and mineral oil products (-7.2%). Excluding energy, import prices were down 0.3%. Prices also decreased for capital goods (-0.5%), while agricultural imports shrank 3.2%, largely weighed by a 28.0% slump in raw cocoa. Consumer goods declined 0.3%, with non-durable prices edging down 0.1%, driven mainly by a 22.2% fall in olive oil prices. Conversely, intermediate goods inched slightly higher (0.3%). On a monthly basis, import prices climbed by 0.5% in November, beating market expectations of a 0.1% rise, after a 0.2% growth in October and marking the fastest increase in 10 months.