German import prices drop unexpectedly in October

NEW YORK (Forex News Now) – German import prices dropped unexpectedly in October, data released on Friday showed in a major realtime forex news event.

In a report that generally impacts inflation, Germany’s federal statistical office Destatis said that import prices fell by 0.2%, down from the rise of 0.3% recorded the previous month.

Analysts had expected October’s figure to come in at +0.2%, major online FX trading news outlets reported.

The drop in import prices could be largely attributed to the cheaper costs of iron ore, raw iron and steel, analysts said.