Friday, Germany's Federal Statistical Office announced that the import price index dropped 5.4% year-over-year in January, after falling a revised 4.1% in December. This was the steepest decline since February 1999. Economists were looking a decline of 6% for January.

On a monthly basis, import prices dropped 0.5% in January, following a 3.6% fall in December. Economists had predicted a decrease of 0.4%.

Meanwhile, export prices declined 0.9% annually in January, after remaining flat in the previous month. A year ago, import prices were up 1.4%.

Month-on-month, export prices fell 0.2% I January, after falling 1.2% in December.

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