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13.09.2016 06:16

Consumer prices in Germany were 0.4% higher in August

Consumer prices in Germany were 0.4% higher in August 2016 than in August 2015. The consumer price index in August 2016 remained unchanged compared with July 2016. This means that the inflation rate as measured by the consumer price index persists at a low level. A slightly higher rate had last been recorded in January 2016 (+0.5%). The Federal Statistical Office (Destatis) thus confirms its provisional overall results of 30 August 2016.

As in the preceding months, the low inflation rate in August 2016 was mainly due to the decrease in energy prices (-5.9%). Compared with the previous month, the decrease of energy prices slowed down year on year; it had stood at -7.0% in July 2016. Consumers benefited especially from the prices of mineral oil products, which were down in August 2016 on a year earlier (-10.4%, of which heating oil: -15.0%, and motor fuels: -9.1%). The prices of other energy products, too, were below the level of a year earlier (for example, charges for central and district heating: -8.6%; gas: -3.1%). Only electricity prices rose compared with the previous year (+0.7%). Excluding energy prices, the inflation rate in August 2016 would have been +1.1%.

Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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