The German economy is starting the new year with a "glimmer of hope" but it is too early to talk about a turnaround, Ifo economist Klaus Wohlrabe said on Tuesday.

Supply shortages in industry, raw materials and preliminary product supply problems as well as delivery bottlenecks have eased slightly, Wohlrabe told Reuters in an interview after the publication of Ifo's monthly business morale survey.

There has also been a significant improvement in industry export expectations, the economist said.

However, prices are not likely to decline as every second company across industry, trade and retail plans further price increases, Wohlrabe said.

(Reporting by Rene Wagner; Writing by Zuzanna Szymanska and Riham Alkousaa; Editing by Madeline Chambers)