Germany’s import prices soared 24.7% in November, the highest annual increase in 47 years, according to latest data released on Thursday.
“This has been the highest year-on-year change since October 1974,” the Federal Statistical Office (Destatis) said in a statement.
The annual figure stood at 21.7% in October and 17.7% in September, it added.
On a monthly basis, the import price index increased by 3% in November from October.
“In November 2021, energy imports were 159.5% more expensive than in November 2020,” the statement said.
“The largest influence on the year-on-year rate of energy price increase had natural gas with a plus of 270.9% as well as crude oil with a plus of 100.4%,” Destatis added.