Germany's import prices surged 10.4% year-on-year in September 2026, accelerating from 8.3% in the previous month and exceeding market expectations of 10.3%. It was the highest level since November 2022, driven largely by a sharp rise in energy costs (61.8% vs. 43% in August) amid the ongoing conflict in the Middle East. On a monthly basis, import prices rose by 2.1%, following a 1% gain in August and beating forecasts of 1.8%, marking the highest reading since March.