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Economy in Brief

German Export and Import Prices Misbehave as Domestic Trends Turn Lower Too
by Robert Brusca August 24, 2007

Longer view shows price pressures dissipating in Germany.

On the month, German export and import prices were subdued but over three months some pressures are evident. But broader year-over-year trends do seem to have turned a corner. Excluding petroleum export and import prices are moving lower: fast for imports, slower for exports. Domestically, producer prices excluding energy are ever so gradually losing momentum, while consumer prices are slow in showing declines after having stepped up their pace sharply early in 2007. Internationally, excluding petroleum, trends are generally milder than their domestic counterparts.

 German International and Domestic Inflation Trends
  M/M % Change % SAAR
SA Jul-07 Jun-07 May-07 3-Mo 6-Mo 12-Mo Yr-Ago
Export Prices -0.1% 0.3% 0.3% 1.9% 1.5% 1.6% 2.6%
Import Prices 0.1% 1.1% 0.5% 6.9% 5.6% 0.4% 6.2%
NSA
Exports ex Petrol 0.1% 0.1% 0.1% 1.1% 1.5% 1.7% 2.5%
Imports ex Petrol -0.4% 0.0% 0.0% -1.5% 0.0% 0.6% 4.3%
Memo: SA              
CPI 0.3% 0.0% 0.2% 1.8% 2.5% 1.8% 2.0%
CPI ex energy 0.2% 0.0% 0.1% 1.1% 1.5% 1.8% 1.2%
PPI -0.1% 0.3% 0.3% 2.0% 1.9% 1.1% 6.0%
PPI ex energy 0.1% 0.4% 0.2% 2.6% 2.6% 2.5% 3.0%
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