German Import Prices Plunge Lower as Global Economy Falters

The German import price index for February marked the biggest contraction in over a decade as prices slipped 6.4% from the previous year on the back of falling commodity prices, and the data continues to reinforces a weakening outlook for inflation as the downturn in the global economy intensifies. Moreover, prices fell at an annual rate of 1.2% even after excluding energy prices, and dropped 0.1% from January.