German Import Inflation Surges Following Supply Chain Difficulties

German inflation in imported goods has seen record highs since the 1980s, according to data from Germany's Federal Statistics Office, Bloomberg reported. Facing a worsening supply shortage, businesses are having difficulties securing inputs, driving the inflation surge in goods arriving from abroad, Bloomberg said Aug. 27. German imports were 15% more expensive than in 2020. Basic goods costs surged around 19% and energy prices 90%, the report said. Much of the hike derives from port closures and other COVID-19-related shipping disruptions.