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Economy in Brief

German Ex Energy Export and Import Prices Are Still Falling Yr/Yr
by Robert Brusca February 27, 2008

German export and import prices are rising very strongly in January and the three-month growth rates show acceleration. But jettison energy, export and import price trends are a lot steadier, still showing some acceleration in the recent months. Excluding energy, import prices are still accelerating from a growth rate of 0.7% over 12 months to 1.4% over six months to 2.4% over three months. This sort of acceleration will not please the ECB but given the tenacious rise in oil prices this performance is not so bad.

German International and Domestic Inflation Trends
  % m/m % Saar
SA Jan-08 Dec-07 Nov-07 3-Mo 6-Mo 12-Mo Yr-Ago
Export P 0.7% 0.1% 0.2% 3.8% 2.1% 1.8% 2.4%
Import P 0.6% 0.4% 1.3% 9.5% 5.2% 5.4% 0.5%
NSA              
ExpX-Petrol 0.7% 0.0% -0.1% 2.3% 1.1% 1.3% 2.7%
ImpX-Petrol 0.9% 0.1% -0.4% 2.4% 1.4% 0.7% 2.7%
Memo: SA              
CPI 0.4% -0.3% 0.6% 2.9% 2.7% 2.7% 1.7%
CPIx-energy #N/A 0.1% 0.2% #N/A #N/A #N/A 1.9%
PPI 0.7% 0.0% 0.9% 6.9% 4.6% 3.2% 3.2%
PPIx-Energy 0.4% 0.1% 0.1% 2.2% 2.2% 2.4% 3.0%
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