Germany’s import prices fell by 2.3% year-on-year in January 2026, unchanged from December. It remained the steepest drop since March 2024, weighed down by a decline in energy costs (-21.1%) amid lower prices for crude oil (-24.5%), natural gas (-23.1%), and petroleum products (-16.8%). Excluding energy prices, import prices still fell by 0.1% in January. Moreover, prices for agricultural goods declined by 6.5%, dragged down by reduced prices for raw cocoa (-46.4%), live pigs (-26.5%), and grains (-8.2%). Consumer goods prices dropped 2.7%, with durable goods falling 2.5% and non-durable goods declining 2.7%. In contrast, intermediate goods prices rose 2.8%, primarily due to higher costs for precious metals and their semi-finished products (65.2%), as well as non-ferrous metals and their semi-finished products (25.9%). On a monthly basis, import prices increased by 1.1% in January, exceeding market expectations of a 0.6% gain and rebounding from a 0.1% decline in December.