Sunday, October 1, 2023

Inflation in Germany remains at a high level: 6.1% in August

Inflation in Germany remains at a high level: 6.1% in August

The Federal Statistical Office (Destatis) confirmed on Friday that the consumer price index (CPI) was at . lies 6.1% on average for the year a tenth less than in July and the lowest rate since last May.

The harmonized annual inflation figure, which Eurostat uses in its statistics, reached 6.4% in August, compared with 6.5% in the previous month.

In August 2023, food prices continued to show above-average growth, rising 9% year-on-year after rising 11% in July.

According to Destatis, consumers had to “pay significantly more” (+17.1%) for sugar, jam, honey and other confectionery. The prices of bread and cereals (+13.6%), vegetables (+12.4%) and fish and seafood (+11.5%) also increased significantly compared to the previous year. Edible fats and oils, on the other hand, cost 13.9% less than a year earlier.

“The inflation rate remains at a high level. The increase in energy and food prices exceeds general inflation and keeps the inflation rate high,” emphasized Ruth Brand, President of the Federal Statistical Office.

Energy price growth accelerated to 8.3% in August, compared to a 5.7% increase in July. In particular, electricity prices increased by 16.6% compared to August 2022, while gas prices increased by 2.2% year-on-year.

Core inflation, which excludes volatility in energy and fresh food prices, was unchanged at 5.5% in August, which Destatis says underscores the “significant role” food prices are playing in rising inflation.

Month-on-month, the consumer price index in Germany rose by 0.3%, the same rate as in July.

Nation World News Desk
Nation World News Desk
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