NEWS
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Consumer prices in August 2008: +3.1% on August 2007 - decline by 0.3% on July 2008
As reported by the Federal Statistical Office (Destatis), the consumer
price index for Germany rose 3.1% in August 2008 on August 2007.
Compared with July 2008, the index was down by 0.3%. Inflation has
slightly slowed down as both in June and in July 2008 the year-on-year
rate of increase was +3.3%. The estimate for August 2008 was thus
confirmed.
In August, too, the inflation rate was strongly characterised by the price increases for energy (+13.0%) and food (+7.4%), though not to the same degree as in the previous month. The two product groups together account for about two thirds of the total inflation rate in August.
In the energy sector, prices on a year earlier were up especially for mineral oil products: Prices rose 43.4% for liquid fuel and 11.4% for motor fuels. Due to the lower world market prices of crude oil, the peak rates of increase of July 2008 were not exceeded. The prices of other household energy types, too, were far above those of the previous year (including gas: +10.2% and electricity: +7.1%). Not considering the price trend for energy (household energy and motor fuels), the year-on-year rate of price increase would have been +1.9%.
Prices of food and non-alcoholic beverages increased an average 6.9% on a year earlier. Particularly large price rises among food were again observed for dairy products and eggs (+17.2%; including sliced cheese: +25.8%; curd: +25.0% and yoghurt: +18.5%). Bread and cereals, too, (+8.9%; including flour: +35.3%; pasta: +28.4% and rolls: +8.9%) and fruit (+7.3%; including lemons: +53.9% and apples: +10.9%) were markedly more expensive than a year earlier. Below-average price rises were recorded, however, for fish and seafood (+2.2%). For the rate of butter price increase, a statistical basis-related effect is observed: A year ago, butter was very expensive temporarily (price monitor). Comparing today’s price with that of a year ago shows a price decrease (–15.0%). Over the longer term, however, the price of butter has markedly increased (+17.4% on August 2005). Prices of non-alcoholic beverages, too, rose above average (+4.1%), especially of mineral water, juices and lemonade (+5.0%; including fruit juice from pome fruit: +24.1%).
A consumer-friendly year-on-year price trend was again observed for consumer durables: On average, a 0.5% price decrease was observed, while prices were considerably down especially for information processing equipment (–16.1%; including personal computers: –24.0% and laser printers: –13.0%), photographic and cinematographic equipment (–12.2%; including digital cameras: –15.5%) and TV sets (–19.5%) (press release No. 313).
The month-on-month rate of price change of –0.3% on July 2008 is mainly due to price decreases for mineral oil products: Motor fuel prices fell considerably by 6.1% on a month earlier (including Diesel fuel: –7.7% and supergrade petrol: –5.5%), while liquid fuel prices were down by even 10.5%. Compared with the previous month, seasonal price decreases were observed for package holidays (–0.4%) and accommodation services (–0.9%).
For the first time since more than a year ago (May 2007), food prices fell 0.4% on average from the previous month. What was typical for that time of the year is the seasonal price decrease for vegetables (–6.3%; including tomatoes: –13.4%; salad: –8.4% and potatoes: –7.9%) and some fruit types (including grapes: –13.7% and pears: –10.7%). Further month-on-month price increases for food were observed only in few cases (including vegetable oil: +4.5%, pork sausage: +3.4% and margarine: +1.5%).
The harmonised consumer price index (HICP) for Germany, which is calculated for European purposes, rose 3.3% in August 2008 on August 2007. Compared with the previous month, the index was down 0.4%. The HICP estimate of 27 August 2008 was thus confirmed.
For further information please call our service telephone number,
tel: (+49-611) 75-4777,
E-mail: verbraucherpreisindex@destatis.de
In August, too, the inflation rate was strongly characterised by the price increases for energy (+13.0%) and food (+7.4%), though not to the same degree as in the previous month. The two product groups together account for about two thirds of the total inflation rate in August.
In the energy sector, prices on a year earlier were up especially for mineral oil products: Prices rose 43.4% for liquid fuel and 11.4% for motor fuels. Due to the lower world market prices of crude oil, the peak rates of increase of July 2008 were not exceeded. The prices of other household energy types, too, were far above those of the previous year (including gas: +10.2% and electricity: +7.1%). Not considering the price trend for energy (household energy and motor fuels), the year-on-year rate of price increase would have been +1.9%.
Prices of food and non-alcoholic beverages increased an average 6.9% on a year earlier. Particularly large price rises among food were again observed for dairy products and eggs (+17.2%; including sliced cheese: +25.8%; curd: +25.0% and yoghurt: +18.5%). Bread and cereals, too, (+8.9%; including flour: +35.3%; pasta: +28.4% and rolls: +8.9%) and fruit (+7.3%; including lemons: +53.9% and apples: +10.9%) were markedly more expensive than a year earlier. Below-average price rises were recorded, however, for fish and seafood (+2.2%). For the rate of butter price increase, a statistical basis-related effect is observed: A year ago, butter was very expensive temporarily (price monitor). Comparing today’s price with that of a year ago shows a price decrease (–15.0%). Over the longer term, however, the price of butter has markedly increased (+17.4% on August 2005). Prices of non-alcoholic beverages, too, rose above average (+4.1%), especially of mineral water, juices and lemonade (+5.0%; including fruit juice from pome fruit: +24.1%).
A consumer-friendly year-on-year price trend was again observed for consumer durables: On average, a 0.5% price decrease was observed, while prices were considerably down especially for information processing equipment (–16.1%; including personal computers: –24.0% and laser printers: –13.0%), photographic and cinematographic equipment (–12.2%; including digital cameras: –15.5%) and TV sets (–19.5%) (press release No. 313).
The month-on-month rate of price change of –0.3% on July 2008 is mainly due to price decreases for mineral oil products: Motor fuel prices fell considerably by 6.1% on a month earlier (including Diesel fuel: –7.7% and supergrade petrol: –5.5%), while liquid fuel prices were down by even 10.5%. Compared with the previous month, seasonal price decreases were observed for package holidays (–0.4%) and accommodation services (–0.9%).
For the first time since more than a year ago (May 2007), food prices fell 0.4% on average from the previous month. What was typical for that time of the year is the seasonal price decrease for vegetables (–6.3%; including tomatoes: –13.4%; salad: –8.4% and potatoes: –7.9%) and some fruit types (including grapes: –13.7% and pears: –10.7%). Further month-on-month price increases for food were observed only in few cases (including vegetable oil: +4.5%, pork sausage: +3.4% and margarine: +1.5%).
The harmonised consumer price index (HICP) for Germany, which is calculated for European purposes, rose 3.3% in August 2008 on August 2007. Compared with the previous month, the index was down 0.4%. The HICP estimate of 27 August 2008 was thus confirmed.
For further information please call our service telephone number,
tel: (+49-611) 75-4777,
E-mail: verbraucherpreisindex@destatis.de
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