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German import prices drop

GERMAN import prices fell by 6.4 percent in February, the steepest decline in more than a decade, due mostly to a 26-percent drop in energy costs, the Federal Statistical Office said yesterday.

The Wiesbaden-based office said crude oil import prices were 46 percent cheaper for the month compared with a year earlier, while prices for refined oil products such as gasoline and diesel fuel fell 41 percent. Natural gas prices, however, rose 18 percent.

The office said prices for other commodities also showed varying trends.

Non-iron ore prices fell nearly 40 percent while iron ore import prices were almost 70 percent higher in February compared with a year earlier. Nickel and copper prices also rose for the month.

The price of wheat fell 35 percent on the year, while milk and milk product prices were 15 percent cheaper.


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