Annual import inflation eased from May’s 6.8% peak but stayed above forecasts, with energy still the main driver as intermediate and capital goods costs firmed and monthly prices fell.
Germany’s import prices increased 6.1% year over year in June 2026, slowing from 6.8% in May but coming in slightly above the 6.0% expected by the market. Energy remained the main driver, though its annual increase eased to 23.9% from 37.2%, while intermediate goods inflation accelerated and capital goods inflation strengthened. Consumer goods prices continued to fall overall. On a monthly basis, import prices dropped 0.7%, reversing May’s 0.7% increase and marking the first monthly decline since December, in line with estimates.