Germany's import prices continued to fall in July, pace of declines slowest since December

Data released by Destatis on Tuesday showed that Germany's import prices continued to fall in July. The pace of decline slowed for a third consecutive month, to the slowest since December, when prices slid 3.1 percent.

Data showed that Germany's import prices decreased 3.8 percent year-on-year in July, slower than the expected fall of 4 percent. The fall compared to a 4.6 percent decline seen in the previous month. Excluding crude oil and mineral oil products, import prices declined 2.4 percent from the same period of last year.

Month-on-month, import prices gained 0.1 percent, confounding expectations for a 0.1 percent drop. Import prices had increased 0.5 percent in June.

Germany's export prices in July decreased 1.2 percent from prior year and followed a 1.3 percent fall in June. On a monthly basis, export prices were up 0.2 percent.