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Economy in Brief

German Export and Import Price Inflation
by Robert Brusca June 26, 2007

German export and import inflation is less more subdued than are domestic trends.

German export and import prices excluding energy flared to peaks in the second half of 2006. But now as they subside, it is Germany domestic excluding energy inflation that has flared.

German PPI prices excluding energy has flared in early 2007 then showed some sign of settling down. It is the German CPI where prices look to be still building. By May nonpetroleum import prices were rising at the same pace as CPI ex energy prices. The CPI ex-energy seems to have peaked in May but not yet declined.

German International and Domestic Inflation Trends
  % m/m % SAAR
SA May-07 Apr-07 Mar-07 3-Mo 6-Mo 12-Mo Yr-Ago
Export Prices 0.3% 0.2% 0.0% 1.9% 1.5% 1.8% 2.7%
Import Prices 0.3% 0.8% -0.1% 4.2% 1.5% 0.6% 7.5%
NSA              
Exports excl Petroleum 0.1% 0.3% 0.1% 1.9% 1.5% 1.9% 2.5%
Imports excl Petroleum 0.0% 0.3% 0.1% 1.6% 0.6% 1.3% 4.2%
Memo: SA              
CPI 0.2% 0.4% 0.3% 3.6% 2.7% 1.9% 1.9%
CPI excl Energy 0.1% 0.4% 0.1% 2.2% 1.9% 1.9% 0.7%
PPI 0.3% 0.1% 0.2% 2.4% 1.5% 1.9% 6.2%
PPI excl Energy 0.2% 0.4% 0.1% 2.6% 2.2% 2.6% 2.3%
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