Import prices rose by 10.4 percent in September 2026 compared to the same month in 2025. This marked the strongest year-over-year increase since November 2022 (which saw a 12.3 percent jump compared to November 2021). Before the jump to September, import price changes were 8.3 percent in August 2026 and 6.8 percent in July 2026. Furthermore, prices for imported goods rose by 2.1 percent in September 2026 compared to the previous month, August 2026.
The primary drivers for the overall rise in import prices were a substantial increase in energy costs, which jumped by 61.8 percent compared to the previous year (a 14.5 percent increase from August 2026), and a significant increase in intermediate goods, rising by 11.1 percent (up 0.5 percent from August 2026).
The impact of the conflict in the Middle East remained strongly evident, particularly in energy prices. Compared to September 2025, prices for electric power climbed by 96.2 percent, mineral oil products rose by 81.3 percent, crude oil increased by 59.3 percent, natural gas rose by 53.9 percent, and hard coal jumped by 25.1 percent. Within mineral oil products, prices for lubricating and other oils rose sharply by 112.0 percent, while jet fuel (kerosene-derived) and diesel and light heating oil increased by 111.3 percent and 100.4 percent, respectively, and gasoline increased by 73.9 percent.
Turning to the month-to-month figures, crude oil was particularly expensive in September 2026, climbing 18.5 percent over August 2026. Electric power and natural gas both cost 13.7 percent more, and mineral oil products saw a 12.4 percent increase. The sharpest monthly increases occurred in imported diesel and light heating oil (14.5 percent), and hard coal also increased by 3.8 percent.
When energy costs are excluded from the calculation, import prices rose by 5.5 percent year-over-year (a 0.5 percent gain from August 2026). Furthermore, restricting the focus only to crude oil and mineral oil products, the import price index was 7.5 percent higher than in September 2025 (up 1.1 percent from August 2026).
In the intermediate goods sector, non-ferrous metals and their semi-finished products were significantly more expensive, rising 26.8 percent compared to the previous year. This includes copper and its semi-finished goods, rising 37.9 percent; aluminum and its semi-finished goods, rising 23.4 percent; and precious metals and their semi-finished goods, rising 22.1 percent. Price increases in imported electronic components (17.8 percent) and primary plastic forms (17.4 percent) also notably contributed to the overall price shift in intermediate goods. Imported capital goods were also costlier, having increased by 4.5 percent from September 2025 and 0.6 percent from August 2026.
Consumer and agricultural goods showed mixed trends. Imports of general and consumer goods were 0.2 percent pricier overall compared to the previous year (up 0.4 percent from August 2026). While durable goods rose by 2.1 percent year-over-year (up 0.6 percent from August 2026), household consumer goods were 0.4 percent cheaper compared to the previous year (down 0.3 percent from August 2026). Average prices for imported agricultural goods were 0.9 percent cheaper than in the previous year, but they increased by 0.6 percent compared to August 2026. Specific agricultural items showed notable drops, with prices for live pigs down 34.9 percent compared to September 2025 (down 5.1 percent from August 2026). Raw cocoa was also significantly cheaper, dropping 21.2 percent from the previous year, and raw coffee imported was also cheaper, down 15.2 percent compared to September 2025 (down 5.3 percent from August 2026).
Among exported goods, the price increase in intermediate goods was the main factor influencing the year-over-year change, largely due to their high share of the total index. Intermediate goods averaged 7.2 percent higher than those in September 2025 and 0.4 percent higher than those in August 2026. Capital goods were 2.6 percent higher than September 2025 (up 0.2 percent from August 2026). Together, these two groups account for nearly 75 percent of exported items.
The effects of the Iran war were also visible in exports. Energy export prices rose by 58.3 percent compared to September 2025 and 9.2 percent from August 2026. Mineral oil products were particularly expensive, rising 74.1 percent from September 2025 (up 14.2 percent from August 2026). Jet fuel, for instance, was exported at a price 114.3 percent higher than the previous year (up 20.3 percent from August 2026), while gasoline was 74.7 percent more expensive than in September 2025 (up 18.3 percent from August 2026). Natural gas export prices were 31.7 percent higher than in September 2025, increasing 1.1 percent from August 2026.
Exported consumer goods (durable and household goods, representing about 21 percent of exports) were 0.8 percent pricier than in September 2025 (up 0.2 percent from August 2026). Durable goods prices were 2.1 percent higher than the previous year (up 0.3 percent from August 2026), while household consumer goods saw a 0.5 percent increase (up 0.2 percent from August 2026). Agricultural goods were exported at a 6.7 percent higher price than the previous year, with the Federal Office reporting a 2.8 percent increase over August 2026.
