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Inflation in Germany in August slowed to 6.4%


August, 30 2023
watermark Economic news

According to preliminary data from the Federal Statistical Office of the country Destatis, in August consumer prices, harmonized in accordance with the standards of the European Union, increased by 6.4% in annual terms.


Thus, the inflation rate decreased compared to the 6.5% recorded in July. Average analysts' expectations suggested a 6.3% price increase this month.


Prices calculated according to internal German standards increased by 6.1% YoY after an increase of 6.2% in July. As a result, this indicator reached a 14-month low reached in May.


On a monthly basis, consumer prices rose by 0.4%. In July, this indicator increased by 0.5%.


Core inflation, excluding the cost of food and energy, remained at 5.5%.


In particular, food prices rose by 9% (compared to 11% in July), energy prices increased by 8.3% (in July – by 5.7%), and spending on services increased by 5.1% (in July – by 5.2%).


The final data on the dynamics of inflation for August will be published on September 8.


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