Retail

Germany's CPI inflation rate 1.9% in Aug 2024: Destatis

12 Sep '24

1 min read

Germany's CPI inflation rate 1.9% in Aug 2024: Destatis

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Consumer price index-based inflation rate in Germany stood at 1.9 per cent in August, according to the Federal Statistical Office.
The last time inflation was below 2 per cent was in March 2021, when it was 1.8 per cent.
Compared with July this year, consumer prices were down by 0.1 per cent in August.
Energy product prices fell by 5.1 per cent YoY in August.

Consumer price index (CPI)-based inflation rate in Germany stood at 1.9 per cent in August this year, according to the Federal Statistical Office (Destatis). The last time inflation was below 2 per cent was in March 2021, when it was 1.8 per cent.

The rate of change was 2.3 per cent in July this year and 2.2 per cent in June.

"Falling energy prices slowed inflation more significantly in August than in the previous months. On the other hand, price increases for services, which are still above average, drove inflation up," said Destatis president Ruth Brand in a release.

Compared with July this year, consumer prices were down by 0.1 per cent in August. Energy product prices fell by 5.1 per cent year on year (YoY) in August.

Excluding energy prices, the inflation rate stood at 2.6 per cent in August.

The core inflation rate, excluding food and energy, was 2.8 per cent in August.

The prices of goods remained stable in Germany from August 2023 to August 2024.

Fibre2Fashion News Desk (DS)

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