Destatis released its import prices data for Germany on Tuesday. German import prices declined by 3.1% in August from last year, after a 1.7% fall in July.

The decline was driven by a drop in energy prices, which plunged 29.8%.

Import prices decline since January 2013.

On a monthly base, import prices decreased 1.5% in August, after a 0.7% fall in July.

On a yearly base, import prices excluding crude oil and mineral oil products climbed by 1.6% in August.

Export prices decreased 0.8% year-on-year in August, after a 1.2% increase in July.

On a monthly base, export prices were down 0.5% in August, after a 0.1% rise in July.