German import prices rose 1.1% monthly in Jan 2026, driven by higher goods prices, despite a 2.3% annual drop due to falling energy costs.

German import prices rose 1.1% month-on-month in January 2026, exceeding forecasts, driven by higher prices for intermediate and capital goods, though year-on-year prices fell 2.3% due to a sharp drop in energy costs, which declined 21.1% annually. Excluding energy, import prices rose 0.1% annually. Export prices increased 0.2% year-on-year, with a 0.9% monthly rise, the largest since August 2022, led by intermediate and capital goods.