July: +0.8% m/m +7.5% y/y
MNI survey median: flat m/m, +6.4% y/y
MNI survey range: -0.3% to +0.3% m/m
June: -0.6% m/m, +6.5% y/y
May: -0.6% m/m, +8.1% y/y
FRANKFURT (MNI) ? Import prices in Germany rose 0.8% in July,
boosted by costlier energy, the Federal Statistical Office reported on
Friday.
July?s jump follows two successive months of price declines after
energy costs had eased. Analysts surveyed by MNI had expected a smaller
monthly change but were split on the direction.
Excluding crude oil and mineral oil products, import prices were
4.3% above the level of last year and up 0.3% from June.
Imported intermediate goods prices rose 0.1% on the month to give
an annual rise of 6.6%. Capital goods imports were unchanged on the
month and down 1.1% on the year.
Overall consumer goods import prices were up 0.4% on the month and
2.8% costlier compared to July 2010. Durable consumer goods rose 0.4% on
the month and were 1.1% lower on the year.
Export prices rose 0.3% in July, lifting the annual rise slightly
to 3.7%.
Imported price pressures remain at elevated levels in Germany.
Prices at the factory gate rose 5.8% in July, with higher energy prices
making up more than half the increase.
However, this trend is expected to moderate in coming months as
cheaper commodity prices filter through and, as leading indicators
suggest, the economic slowdown takes hold.
The August PMI survey showed that ?inflationary pressures continued
to subside in August, with the latest rise in private sector cost
burdens the slowest since January 2010,? Markit said. ?Output charge
inflation also eased in August, and was the weakest for nine months.?
The August Ifo survey showed that companies have scaled back their
expectations of business developments in the coming half year. ?The
current business situation, however, continues to be assessed overall as
good, although the situation appraisals in recent months were
significantly more favorable,? Ifo said.
The further deterioration in expectations adds to the mounting
evidence that the economy is losing steam and that fears are growing
that the ongoing debt crisis could spill over into the real economy.
With inflationary pressures subsiding on the back of the base
effects related to lower commodity prices and in view of the economic
slowdown, some analysts now believe the ECB will keep interest rates
unchanged until the end of 2012.
? Frankfurt bureau: +49-69-720 142; email:frankfurt@marketnews.com ?
[TOPICS: MTABLE,M$G$$$,MAGDS$,M$XDS$,M$X$$$]
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