German Inflation Rises As Estimated In August

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Germany’s consumer price inflation accelerated as initially estimated in August, latest figures from Destatis showed on Tuesday.

The consumer price index rose 7.9 percent year-on-year in August, faster than the 7.5 percent increase in July. That was in line with flash data published on August 30.

The harmonized index of consumer prices, or HICP, climbed 8.8 percent year-on-year after an 8.5 percent increase in the prior month. The latest figures confirmed the initial estimate.

The upward trend in inflation was largely driven by increased prices for energy products and food items.

Energy inflation was almost unchanged in August with the rate of increase easing fractionally to 35.6 percent from 35.7 percent in July. The rate of energy inflation has been high since the war in Ukraine began and, consequently, the supply of Russian gas was interrupted.

Despite the relief measures, the price increase for energy products was higher than the overall inflation due to the sharp rise in international purchase prices.

Meanwhile, food price inflation rose to 16.6 percent from 14.8 percent. Costs for services were up 2.2 percent from last year and prices of goods alone grew 14.7 percent.

Compared to the previous month, the CPI moved up 0.3 percent in August after a 0.9 percent increase in July.

The EU measure of inflation, HICP, climbed 0.4 percent after rising 0.8 percent in the previous month. Both monthly figures were in line with flash data.

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