BERLIN (dpa-AFX) - Germany's import prices grew at the fastest pace in nearly two years in January and retail sales expanded more than expected on food sales, official data revealed Friday.
Import prices registered an annual growth of 3.1 percent in January after rising 2.0 percent in December, Destatis reported. Prices were expected to climb 2.7 percent. The rate was the highest since February 2023.
The increase was largely driven by the 4.5 percent rise in consumer goods prices. Prices for imported agricultural goods advanced 12.0 percent and imported energy prices were up 6.2 percent.
Month-on-month, import prices gained 1.1 percent, faster than the 0.4 percent rise in December. Economists had forecast prices to rise 0.7 percent.
Data showed that export prices posted its biggest increase since March 2023. Export prices grew 2.4 percent from a year ago, following December's 1.8 percent rise. On a monthly basis, export prices moved up 0.7 percent after climbing 0.3 percent.
Another report from Destatis showed that retail sales grew more than expected in January, reflecting higher food sales. In real terms, retail sales gained 0.2 percent, which was double the forecast of 0.4 percent.
Sales in the food retail sector rose 1.5 percent, while non-food retail trade slid 0.2 percent. In e-commerce and mail order, sales recorded a decline of 4.2 percent in real terms in January.
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