Import prices in January 2026 were 2.3 % lower than they were in January 2025. In December 2025 the year‑on‑year change was also -2.3 %, while in November 2025 it was -1.9 %. According to the Federal Statistical Office (Destatis) announced on Friday, import prices rose 1.1 % in January 2026 compared with the preceding month of December 2025 – the strongest month‑on‑month increase since January 2025, when prices also climbed 1.1 % against December 2024.
Export prices for the same month were 0.2 % higher than in January 2025. In December 2025 there was no change year‑on‑year (0.0 %), and in November 2025 prices were 0.3 % above those of November 2024. Against December 2025, export prices rose 0.9 %, the biggest month‑on‑month increase since August 2022 (1.6 % above July 2022).
The largest factor behind the overall movement of import prices in January 2026 was once again the drop in energy prices, which plunged 21.1 % compared with January 2025. From December 2025 to January 2026, however, energy prices rose again by an average of 3.5 %. All energy carriers were cheaper in January 2026 than in January 2025: crude oil down 24.5 %, natural gas down 23.1 %, mineral oil products down 16.8 %, coal down 15.8 % and electricity down 4.0 %. Compared with the previous month, energy overall became more expensive, with electricity rising the most (+16.6 %), followed by coal (+5.9 %), crude oil (+4.1 %), natural gas (+3.1 %) and mineral oil products (+0.7 %).
When energy prices are excluded, import prices fell 0.1 % year‑on‑year in January 2026, but rose 1.0 % month‑on‑month. Excluding only crude oil and mineral oil products, the import price index was 1.1 % below the level in January 2025 and 1.2 % above that of December 2025.
Agricultural imports were 6.5 % cheaper in January 2026 than a year earlier, and 1.0 % cheaper than in December 2025. Raw cocoa prices were 46.4 % below January 2025 levels and 12.5 % below December 2025. Live pigs cost 26.5 % less than in January 2025, an overall decline of 6.1 % compared with December 2025. Imported grain was also cheaper, down 8.2 % from January 2025 and 0.3 % from December 2025. Conversely, poultry and eggs were notably more expensive, up 15.2 % against January 2025 and 1.5 % against December 2025.
Consumer goods (durable and non‑durable) were 2.7 % cheaper in January 2026 than a year earlier, with a 0.3 % month‑on‑month decline. Durables were 2.5 % lower than the previous year, 0.4 % higher than December 2025, while non‑durables were 2.7 % cheaper year‑on‑year, 0.4 % lower than December 2025. Food prices overall were 2.8 % lower than January 2025, a 2.6 % drop relative to December 2025. Notable price reductions included cocoa butter, cocoa fat and cocoa oil (-44.2 %); apple juice (-25.3 %); orange juice (-21.3 %); pork (-15.9 %); olive oil (-15.2 %); and milk and dairy products (-12.2 %). Higher prices were observed for shelled hazelnuts (+55.4 %), beef (+26.0 %) and roasted or decaffeinated coffee (+17.5 %).
Investment goods were 0.5 % cheaper in January 2026 compared with a year ago, but 0.4 % higher than in December 2025. Raw materials were 2.8 % more expensive than in January 2025, rising 2.2 % on average from December 2025. Precious metals and their semi‑finished products were up 65.2 % compared with the previous year. Non‑ferrous metals and their semi‑finished forms were 25.9 % above January 2025 levels, whereas primary plastics were 7.7 % lower and crude iron, steel and ferroalloys were 3.2 % cheaper than a year earlier.
For exported goods, the price increases on imported input and investment goods in January 2026 matched the price falls on consumer goods, energy, and agricultural products. Export prices for processed input goods rose 1.6 % relative to January 2025 (1.1 % above December 2025). Investment goods were 0.4 % above the January 2025 level (0.8 % above December 2025). Together these two categories account for almost 75 % of all exported merchandise.
Exported consumer goods-roughly 21 % of total exports-were 0.3 % cheaper than in January 2025, a 0.1 % increase versus December 2025. Durables were 1.4 % higher than a year earlier (0.3 % above December 2025), while non‑durables were 0.7 % lower than January 2025 (no change versus December 2025). Among non‑durables, food prices fell most sharply (-3.3 % from January 2025, -1.7 % from December 2025). Milk and dairy products were 11.8 % cheaper on average than a year ago (-3.4 % from December 2025), including butter and other dairy fats at -46.3 % versus January 2025 and -9.5 % versus December 2025. Cocoa mass, butter, fat and oil as well as cocoa powder were all notably cheaper: -34.7 % from January 2025 and -7.6 % from December 2025. Coffee (decaffeinated or roasted) was exported at 23.6 % higher prices than in January 2025, a 0.6 % premium over December 2025.
Energy exports were significantly cheaper than a year earlier, down 14.7 %. However, relative to December 2025 they increased 3.0 %. Natural gas was 18.0 % cheaper than the previous year (1.7 % above December 2025), and mineral oil products were 15.0 % below January 2025 levels (0.5 % above December 2025). Agricultural exports were also cheaper than a year earlier, down 6.9 %, though prices rose 0.8 % from December 2025, according to Destatis.
