Germany's import prices declined for the seventh consecutive month in July, Destatis reported Wednesday.

Import prices dropped 2.6 percent year-on-year, following a 2.2 percent fall in June. The annual rate was slightly steeper than a 2.5 percent fall forecast by economists.

On a monthly basis, import prices gained 0.3 percent, in line with forecast, but reversed 0.8 percent drop in the previous month.

At the same time, export prices were down by 0.9 percent compared to a 0.6 percent fall in June. Month-on-month, the index remained flat in July.