Friday, Germany's Federal Statistical Office said in a report that the import price index declined 6.4% year-over-year in February, after falling 5.4% in January. This was the biggest price decline since 1999, when prices fell 6.6%. A year ago, prices were up 4.8%.

The import price index, excluding crude oil and mineral oil products, dropped 1.2% on an annual basis in February.

On a monthly basis, import prices fell 0.1% in February, after a 0.5% decline in January.

For the January to February period, import prices fell 0.1% compared to the corresponding period of the previous year.

Meanwhile, export prices declined 1.2% year-on-year in February, compared with a 0.9% fall in the preceding month. A year earlier, export prices were up 1.6%.

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