Inflation in Germany accelerated for the third consecutive month in August, reaching 2.9 percent on an annual basis, according to final data released today by the Federal Statistical Office “Destatis“, which confirm preliminary estimates published at the end of last month, BTA reported.
German annual inflation in July rose to 2.8 percent after rising to 2.3 percent in the previous month, according to the national methodology of “Destatis“.
Energy products were again the biggest contributor to overall inflation, with prices rising by 10.5 percent in August compared to the same month of the previous year. This is the largest increase in energy prices in more than three years, notes „Destatis“.
Energy prices rose by 8.3 percent year-on-year in July after rising by 3.4 percent in June.
Food prices in Germany slowed last month, rising by just 0.1 percent year-on-year, after rising by 0.4 percent in July.
However, compared to the same month last year, some food products were significantly more expensive in August this year, including eggs by 15.2 percent, fresh vegetables by 5.2 percent and fish, fish products and seafood by 4.4 percent.
At the same time, the prices of edible fats and oils were lower by 15.3 percent, including butter, which is decreased by 29.9 percent, as well as fresh fruit (5.6 percent) and dairy products (5.5 percent).
Inflation for goods as a whole accelerated to 3 percent in August, and for services - to 2.8 percent.
On a monthly basis - in August compared to July - consumer price growth in Europe's largest economy slowed to 0.2 percent from 0.8 percent in July.