Destatis released its import prices data for Germany on Thursday. German import prices declined by 5.7% in February from last year, after a 3.8% fall in January. It was the biggest drop since October 2009.

The decline was driven by a drop in energy prices, which plunged 34.1% year-on-year in February.

Import prices decline since January 2013.

On a monthly base, import prices decreased 0.6% in February, after a 1.5% fall in January.

On a yearly base, import prices excluding crude oil and mineral oil products fell by 2.8% in February.

Export prices dropped 1.2% year-on-year in February, after a 0.5% decrease in January.

On a monthly base, export prices were down 0.5% in February, after a 0.2% fall in January.