Destatis released its import prices data for Germany on Monday. German import prices declined by 3.8% in January from last year, after a 3.1% fall in December.

The decline was driven by a drop in energy prices, which plunged 25.2% year-on-year in January.

Import prices decline since January 2013.

On a monthly base, import prices decreased 1.5% in January, after a 1.2% fall in December.

On a yearly base, import prices excluding crude oil and mineral oil products fell by 2.0% in January.

Export prices dropped 0.5% year-on-year in January, after a 0.2% rise in December.

On a monthly base, export prices were down 0.2% in January, after a 0.4% fall in December.