Consumer prices, harmonized to make them comparable with inflation data from other European Union countries (HICP), rose 8.8% in year-on-year terms, after an unexpected increase of 8.5% in July, said the federal statistics office.
The increase in the eighth month of the year represents an interruption of the path of moderation that the country had been registering for two continuous months. The rate of 7.9 percent is the highest since May, which in turn was the highest in the entire historical series, which began in 1991 after the country’s reunification, and the highest rise in prices since the end of 1973 in the former Federal Germany. The annual HICP reading for August was in line with Reuters consultants who predicted an increase of 8.8%.
Energy prices in August were 35.6% higher compared to the same month a year earlier, while food prices rose 16.6% year-on-year, the statistics office said.
The August increase comes with measures aimed at stifling inflation, including cheaper public transport tickets and a fuel tax cut. The office cautioned that the extent to which they had an impact “cannot yet be shown.”
Source: Ambito
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