Consumer prices in Germany rose in August 2012

Consumer prices
Consumer prices

Consumer prices in Germany rose in August more than expected, according to the country’s statistics office Destatis on Wednesday. For this month, prices have risen by 0.4%, while for a year the basket of goods has become with 2.1% more expensive.

Both figures were revised to 0.1%, in comparison with previous estimates published in the end of August.

The annual price increase is due to increased energy costs with 7.6%, said Destatis. With the exception of fuel prices, inflation remained unchanged for this month and rose by 1.4% during the year.

Among the other key categories, the prices of food products and soft drinks fell by 0.3% m / m and rose  with 3.1% y/ y. Prices of clothing and footwear have risen by 1.5% m / m and with 2.0% y / y.

Inflation rose by 0.4% m / m and 2.2% y/y in August. The preliminary estimate for August in this way confirmed the annual calculation and revised upwards with 0.1% on a monthly basis – said Destatis.

Annual inflation is above the target of 2.0% of the European Central Bank. France reported a rise in consumer prices with 0.7% m/m and 2.1% y/y.

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