German import costs post largest annual increase since 1980

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The Federal Statistics Office said on Friday that German import prices increased by 21.7 percent in October compared to the same month the previous year, marking the largest yearly increase since January 1980.

The increase was sparked by rising energy expenses. Energy imports were 141.0 percent more expensive in October 2021 than they were a year earlier.

In October, import prices increased by 3.8 percent month over month. According to a Reuters poll, prices rose 2.1 percent month over month and 19.6 percent year over year.