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German EU-harmonised consumer prices up 8.8% y/y in August
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(Reuters) – German consumer prices, harmonised to compare with other European countries, were up 8.8% on the year and rose by 0.4% month-on-month in August preliminary data from the Federal Statistics Office showed on Tuesday.
(Reuters) – German consumer prices, harmonised to compare with other European countries, were up 8.8% on the year and rose by 0.4% month-on-month in August preliminary data from the Federal Statistics Office showed on Tuesday.
Analysts had also expected harmonised data to increase 8.8% on an annual basis and rise 0.4% on the previous month.
The statistics office gave the following breakdown of non-harmonised year-on-year data for August:
INDEX/COMPONENT
(basis 2015) Aug Jul Weighting
2022 2022 in 1/1000
Overall index +7.9 +7.5 1000
Goods +14.7 +14.1 468.16
Energy +35.6 +35.7 103.83
Food +16.6 +14.8 84.87
Services +2.2 +2.0 531.84
Household rents +1.8 +1.8 207.26
(Reporting by Berlin Speed Desk; Editing by Madeline Chambers)
Consumer prices refer to the prices that consumers pay for goods and services. These prices are used to calculate inflation and reflect the cost of living.
A harmonised index of consumer prices (HICP) is a measure used to compare inflation rates across European countries, ensuring that the data is consistent and comparable.
Energy prices significantly impact inflation as they affect the cost of transportation and production. Rising energy prices can lead to higher overall consumer prices.
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