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Financial News: German Inflation Highest Since 2008

German Inflation Highest Since 2008

08/30/2021 - 08:57:00 (RTTNews)

(RTTNews) - Germany's inflation accelerated to its highest level since 2008 in August driven by energy prices, preliminary data from Destatis showed on Monday. Consumer price inflation rose to 3.9 percent in August, as expected, from 3.8 percent in July.

EU harmonized inflation advanced to 3.4 percent from 3.1 percent a month ago. The HICP annual rate also matched economists' expectations. The final data for August is due on September 10.

The 3.4 percent inflation was the highest since 2008.

On a monthly basis, the consumer price index remained flat, while prices were expected to gain 0.1 percent. The HICP rose 0.1 percent in August, as economists' expected.

Destatis said the rise in the inflation rate since July 2021 has a number of reasons, including base effects from low prices in 2020.

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