German import prices fell 0.7% in June, matching economists’ expectations, after a 0.7% increase in the prior month.

The decline was in line with lower energy prices ahead of the ceasefire deal between the US and Iran at the end of June. Since then, energy prices have moved sharply higher again, so the latest report should not be read as a clear signal for the months ahead.

On an annual basis, import prices in Germany were still 6.1% higher than in June last year, indicating that overall price levels remain materially elevated compared with a year earlier. The increase has been driven largely by the conflict in the Middle East, which has disrupted supply chains and pushed up energy and raw material costs. For Germany, a major importer of industrial inputs and energy, that matters because import prices can feed through into production costs and, over time, the broader inflation picture.

The June breakdown showed intermediate goods prices down 0.1%, while energy prices were the main drag, falling 6.6% on the month. By contrast, capital goods prices rose 0.5% and consumer goods prices increased 0.2%.

Excluding energy, German import prices were up 0.1% in June. Overall, the data do not point to any significant easing in price pressures. With the US-Iran conflict flaring again in recent weeks, the outlook remains uncertain for the summer and the later part of the year, and upcoming monthly releases will be watched for signs of whether the June drop was a one-off move or part of a more sustained pattern.