In December 2025, import prices fell 2.3 % compared with December 2024, marking the sharpest year‑on‑year decline since March 2024 (when prices were 3.6 % lower than March 2023). In November 2025 the year‑on‑year change was -1.9 % and in October 2025 -1.4 %. Monthly, import prices were 0.1 % lower in December 2025 than in November 2025, a trend that had been observed in the previous month as well.
Export prices remained unchanged on average in December 2025 relative to December 2024 (0.0 %). In November 2025 the year‑on‑year change was +0.3 % and in October 2025 +0.5 %. Compared with November 2025, export prices were 0.1 % lower.
The biggest driver of the December 2025 import price change was the drop in energy prices, which were 20.6 % lower than in December 2024. Energy prices in December 2025 were on average 4.6 % cheaper than in November 2025. All energy categories were cheaper than December 2024: natural gas (-23.4 %, -5.0 % vs. November 2025), crude oil (-23.2 %, -3.0 % vs. November 2025), coal (-20.9 %, -1.3 % vs. November 2025), electricity (-14.0 %, -8.3 % vs. November 2025), and mineral oil products (-13.1 %, -6.0 % vs. November 2025).
Excluding energy, import prices in December 2025 were 0.3 % lower than a year earlier and 0.3 % higher than the previous month. Ignoring only crude oil and mineral oil products, the import price index was 1.4 % below December 2024 and 0.1 % above November 2025.
Agricultural imports were 2.8 % cheaper in December 2025 than a year earlier, while they were 0.7 % higher than in November 2025. Raw cocoa fell 35.4 % compared with December 2024 and 0.4 % versus November 2025. Live pigs were 24.1 % cheaper than December 2024, but 3.3 % higher than in November 2025. Imported cereals were 8.1 % cheaper than December 2024, and 0.1 % lower than November 2025. Poultry and eggs, however, rose sharply: +15.9 % versus December 2024 and +1.1 % versus November 2025. Raw coffee was 12.9 % higher than December 2024 but 6.0 % cheaper than in November 2025.
Consumer goods imports were 1.4 % cheaper than a year earlier and 0.5 % lower than November 2025. Durable goods prices were 2.5 % lower than December 2024 and 0.4 % lower than November 2025, whereas consumables were 1.1 % cheaper year‑on‑year and 0.5 % lower than in November 2025. Some items were much cheaper than December 2024: cocoa butter, cocoa fat, cocoa oil (-33.3 %), sugar (-16.8 %), olive oil (-16.0 %), pork (-14.9 %) and milk and dairy products (-8.2 %). Overall food prices, however, were 0.8 % higher than December 2024 and 1.1 % higher than November 2025. Expensive items relative to December 2024 included shelled hazelnuts (+55.8 %), coffee (roasted or decaf, +36.5 %), beef (+24.1 %) and poultry (+14.9 %).
Investment goods imports were 0.5 % lower than December 2024 but 0.2 % higher than November 2025. Purchase goods alone were 1.2 % higher than December 2024, and 1.0 % higher than November 2025.
On a yearly average in 2025, import prices were 0.3 % lower than in 2024, 1.2 % lower than 2024, and 6.5 % lower than 2023. The year‑on‑year decline was mainly driven by the 9.4 % drop in imported energy prices. Prices for coal fell 19.5 % and crude oil fell 18.1 % below 2024 levels. Mineral oil products were on average 10.8 % cheaper (motor gasoline -14.0 %, diesel and light heating oil -9.9 %). Electricity and natural gas were the only energy categories that rose: electricity +12.0 % and natural gas +0.5 %. The import price index without energy was 0.7 % higher than the previous year on average. Excluding crude oil and mineral oil products, import prices were 0.6 % higher than in 2024.
Price levels for investment goods were below the 2024 level by -0.2 %. Agricultural goods, consumer goods and purchase goods, on the other hand, were on average 4.3 %, 1.9 % and 0.3 % higher than a year earlier, respectively.
Consumer goods import prices behaved differently: durable goods were 0.3 % cheaper than 2024, while consumables were 2.5 % higher (including food at +8.0 %).
Export prices in December 2025 matched the price decreases in consumer goods, energy, and agricultural goods. Prices for purchased goods were 1.0 % higher than December 2024, and those for investment goods were 0.3 % above December 2024; together these two categories account for almost 75 % of exported goods. Consumer goods (about 21 % of exports) were 0.4 % cheaper than December 2024, 0.3 % lower than November 2025. Durable goods prices were 1.7 % above the previous year, consumables 0.8 % lower. Export consumable items such as butter, other dairy fats, cocoa mass, cocoa butter, cocoa fat, cocoa oil, and cocoa powder were all markedly cheaper (-41.8 %, -29.5 % versus December 2024). In contrast, coffee (decaffeinated or roasted) was exported at 26.4 % higher prices than December 2024.
Energy exports were considerably cheaper: down 13.1 % versus December 2024 and 5.8 % versus November 2025. Natural gas was 14.5 % cheaper than a year earlier, and mineral oil products were 11.9 % lower than December 2024 (-7.6 % versus November 2025). Agricultural goods were 5.3 % cheaper than December 2024 and 0.7 % cheaper versus November 2025.
On a yearly average in 2025, export prices were 1.0 % higher than 2024, compared with 0.3 % above 2024 and 0.6 % above 2023. The annual change was mainly driven by a 1.6 % increase in consumer goods prices, with durable goods up 1.6 % and consumables up 1.7 % (including food at +5.5 %). Agricultural goods were 1.2 % higher, investment goods 0.8 %, and purchase goods 0.7 % higher than 2024. Only energy was cheaper year‑on‑year: down 0.2 % largely because mineral oil prices fell by 9.6 %. Electricity and natural gas were on average 12.0 % and 9.9 % more expensive than a year earlier, according to the statisticians.
