Global| Aug 24 2007German Export and Import Prices Misbehave as Domestic Trends Turn Lower Too
Summary
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. [...]
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.
| 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% |
Robert Brusca
AuthorMore in Author Profile »Robert A. Brusca is Chief Economist of Fact and Opinion Economics, a consulting firm he founded in Manhattan. He has been an economist on Wall Street for over 25 years. He has visited central banking and large institutional clients in over 30 countries in his career as an economist. Mr. Brusca was a Divisional Research Chief at the Federal Reserve Bank of NY (Chief of the International Financial markets Division), a Fed Watcher at Irving Trust and Chief Economist at Nikko Securities International. He is widely quoted and appears in various media. Mr. Brusca holds an MA and Ph.D. in economics from Michigan State University and a BA in Economics from the University of Michigan. His research pursues his strong interests in non aligned policy economics as well as international economics. FAO Economics’ research targets investors to assist them in making better investment decisions in stocks, bonds and in a variety of international assets. The company does not manage money and has no conflicts in giving economic advice.
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