In February 2026, German import prices fell 2.3 % compared with the same month a year earlier. The statistical office (Destatis) reported that the overall import price index edged up 0.3 % from January to February 2026, while the indices for January 2026 and December 2025 also showed a 2.3 % drop relative to the previous year, each month in a year‑on‑year comparison.
Export prices in February were slightly lower, registering a 0.1 % decline versus February 2025. In January, export prices were 0.2 % above those of January 2025, and in December they remained unchanged (0.0 %). Compared with January, exports rose modestly by 0.1 %.
Energy freight dominated the February import picture. Energy costs dropped 20.9 % from February 2025, driving the overall decline in import prices. Energy prices, however, rose by 0.9 % from January. Iran and Middle‑East conflict activity since 28 February 2026 had no discernible effect on February import or export figures.
Within the energy sector, all fuel types were cheaper in February 2026 than in February 2025: natural gas down 27.9 %, electricity down 25.6 %, crude oil down 19.1 %, coal down 14.2 %, and mineral oil products down 11.4 %. Against January, energy overall was more expensive due to increases in mineral oil products (+6.0 %) and crude oil (+3.4 %). Conversely, electricity fell 11.8 %, coal 2.7 %, and natural gas 2.3 % compared with January 2026.
Excluding energy, import prices fell 0.2 % versus the same month a year earlier. They rose 0.2 % from the previous month. If only crude oil and mineral oil products are omitted, the import index was 1.6 % lower than February 2025 and unchanged (0.0 %) from January 2026.
Agricultural imports were 5.7 % cheaper than a year earlier and 0.3 % cheaper than January. Raw cocoa dropped 47.4 % from February 2025 and 8.7 % from January. Live pigs were 21.0 % cheaper than February 2025 but 3.4 % more expensive than January. Raw coffee imports were 9.1 % cheaper a year earlier and 5.7 % cheaper than the previous month. Grain imports were 8.7 % cheaper than a year earlier but 0.3 % higher than January. Poultry and eggs were notably more expensive than a year earlier, up 11.9 % versus February 2025 and 0.7 % versus January.
Imported consumer goods (durable and nondurable) fell 3.2 % compared with a year earlier and 0.3 % versus January. Durable goods prices were 2.8 % lower a year earlier and 0.3 % lower than January; nondurable goods were 3.3 % lower a year earlier and 0.3 % lower than January. Food prices overall were 4.4 % lower a year earlier, 0.9 % lower than January. For specifics, cocoa butter, cocoa fat, and cocoa oil dropped 54.9 % from February 2025; fruit and vegetable juices fell 22.2 %; milk and dairy products declined 13.8 %; pork 13.5 %. Shucked hazelnuts rose 48.1 %, beef 17.1 %, and coffee (roasted or decaffeinated) increased 14.6 %. Import prices for investment goods were 0.2 % lower than a year earlier and 0.4 % higher than January.
Pre‑production goods alone were 2.5 % higher than a year earlier and rose 0.2 % on January. Precious metals and semi‑finished products were 60.3 % higher than a year earlier; non‑ferrous metals and their semi‑finished forms were 24.8 % higher than February 2025. In contrast, primary plastics fell 8.0 %, and accumulators and batteries fell 6.4 % compared with a year earlier.
Export dynamics in February were also strongly influenced by the drop in energy prices: energy fell 19.5 % versus February 2025 and 2.6 % versus January. Natural gas was 26.7 % cheaper than a year earlier but 6.3 % cheaper than January. Mineral oil products were 11.0 % cheaper a year earlier but 3.8 % higher than January. Agricultural goods were 8.1 % cheaper than a year earlier, yet 0.9 % higher than January.
Consumer goods accounted for about 21 % of exports and were 0.4 % cheaper than February 2025 but 0.1 % higher than January. Nondurable goods prices were 0.9 % below the February 2025 level but unchanged from January; durable goods were 1.5 % above the same‑month level, 0.3 % above January. Food exports dropped 4.3 % from February 2025 and 0.8 % from January. Milk and dairy dropped 11.8 % on average a year earlier, with butter and other milk‑fat products falling 46.2 %. Coffee (decaffeinated or roasted) was 18.0 % higher than February 2025 and 0.3 % higher than January.
Exported pre‑production goods were 1.4 % higher than February 2025 and 0.2 % higher than January. Investment goods were 0.5 % above the February 2025 level and 0.2 % above January. Together, these two categories represent nearly 75 % of all exported goods.
