Financial News: German Inflation Slows As Estimated

German Inflation Slows As Estimated

09/10/2024 - 05:13:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation weakened, as initially estimated, in August due to falling energy prices, final data from Destatis showed Wednesday.

Consumer price inflation softened to 1.9 percent in August from 2.3 percent in July. The rate matched the provisional estimate published on August 29.

The last time inflation was below 2 percent was in March 2021, when the rate was 1.8 percent.

EU harmonized inflation also softened to 2.0 percent, as estimated, from 2.6 percent in July. A similar rate was last reported in March 2021.

The decline in energy prices deepened to 5.1 percent from 1.7 percent in the previous month. Meanwhile, food prices increased 1.5 percent.

Core inflation, excluding food and energy prices, slowed slightly to 2.8 percent in August from 2.9 percent in the previous month. The core rate also matched the flash estimate.

Meanwhile, services have consistently registered a price increase of 3.9 percent ever since May 2024, Destatis said.

"Price increases for services, which are still above average, drove inflation up," Federal Statistical Office President Ruth Brand said.

On a monthly basis, the consumer price index slid 0.1 percent. Likewise, the harmonized index of consumer prices dropped 0.2 percent on month, partially offsetting the 0.5 percent gain in July. Both CPI and HICP figures came in line with the preliminary estimate.

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