German Import Prices Remains at Record High, Supporting the ECB's Hawkish Outlook
German import prices fell 0.8% in August, which was less that the 1.0% decline anticipated by market participants. Meanwhile, the annual rate held steady at 9.3%, which only supports the ECB’s hawkish rhetoric that upside risks to inflation remains high. The breakdown of the report showed that prices excluding energy increased 0.5% from the previous month, which suggests that the central bank will not lower rates for the rest of the year.
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