Inflation accelerated in Germany in August

In August, consumer prices in Germany exceeded the previous year’s level by 2.2 percent, the most since March. Annual inflation stood at 2.0 percent in July.

On a monthly basis, consumer prices rose by 0.1 percent after a 0.3 percent increase in the previous month.

According to a statement from Destatis, energy prices in Germany fell by 2.4 percent in August on an annual basis, after falling by 3.4 percent a month earlier, while food prices rose at an accelerating pace, by 2.5 percent on an annual basis, after rising by 2.2 percent in July. The price of services increased by 3.1 percent in August, the same rate as in July.

Annual core inflation, which excludes the often volatile energy and food prices, remained at 2.7 percent in August, following July.

The HICP, the harmonised index of consumer prices calculated for EU comparison purposes, accelerated to 2.1 percent on an annual basis in August, after 1.8 percent in the previous month, and slowed to 0.1 percent on a monthly basis, after a 0.4 percent increase in July.