Germany’s import prices surged 10.4% year-on-year in September 2026, accelerating from 8.3% in the previous month and exceeding market expectations of 10.3%. It was the highest level since November 2022, driven largely by a sharp rise in energy costs (61.8% vs 43% in August) amid the ongoing conflict in the Middle East. Electricity prices jumped 96.2%, while mineral oil products (81.3%), crude oil (59.3%), natural gas (53.9%), and hard coal (25.1%) also posted substantial gains. Prices for intermediate goods climbed 11.1%, up from 11.0% in the previous month, led by a 26.8% increase in non-ferrous metals and related semi-finished products. Meanwhile, prices of capital goods climbed 4.5%, while consumer goods prices edged up 0.2%, as a 2.1% rise in durable goods prices was partly offset by a 0.4% decline in non-durable goods prices. On a monthly basis, import prices rose by 2.1%, following a 1% gain in August and beating forecasts of 1.8%, marking the highest reading since March.