Germany’s import prices rose 6.8% year-on-year in May 2026, accelerating from a 5.3% increase in the previous month and matching market forecasts. This was the third consecutive month of increases and the fastest pace since December 2022. Energy prices remained the primary driver of the overall rise, surging 37.2% after a 31.0% increase in April, particularly crude oil (+59.3%), mineral oil products (+57.3%), electricity (+44.1%), hard coal (+12.7%), and natural gas (+10.4%). Prices for intermediate goods also rose faster (10.1% vs. 7.8%), mainly driven by non-ferrous metals and non-ferrous semi-finished metal products (30.3%), with precious metals posting an increase of 46.6%. On a monthly basis, import prices increased 0.7%, easing from a 1.2% rise in April.