Financial News: German Inflation Confirmed At 4-month High

German Inflation Confirmed At 4-month High

(RTTNews) - Germany's consumer price inflation accelerated to a four-month high in August, in line with the initial estimate, driven by higher energy prices, Destatis data showed on Thursday.

Consumer prices rose 2.9 percent year-on-year in August after a 2.8 percent gain in July. A similar higher rate was last seen in April. That was in line with the flash data published on August 31.

The EU harmonized inflation also rose to a four-month high of 2.9 percent from 2.8 percent in the previous month, as estimated.

"The rise in energy prices, caused primarily by the war in Iran, was particularly noticeable in the case of motor fuel prices," Ruth Brand, president of the Federal Statistical Office, said.

Energy inflation climbed from 8.3 percent in July to 10.5 percent in August, marking the highest rate in three years. Transport charges were 8.8 percent more expensive, driven by a 27.7 percent surge in prices for motor fuels.

Services costs were up 2.8 percent from last year, while prices for food and non-alcoholic beverages increased only 0.1 percent.

Excluding food and energy, core inflation remained stable at 2.4 percent in August.

On a monthly basis, consumer prices moved up 0.2 percent but slower than the 0.8 percent rise posted in July, confirming the flash data.  Likewise, the harmonized index of consumer prices climbed 0.2 percent, following the prior month's 0.9 percent increase.

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