Inflation in Germany in August slowed to 6.4%

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.