German Consumer Inflation Rose by 9.2% in January
2023.02.09 09:18
German Consumer Inflation Rose by 9.2% in January
By Tiffany Smith
Budrigannews.com – According to preliminary data released on Thursday by the federal statistics office, consumer prices in Germany increased in January by a less-than-anticipated 9.2% year-over-year rate, compared to other countries in the European Union.
It added that prices increased by 0.5 percent in comparison to December.
Harmonized data were anticipated to grow by 10.0% annually and by 1.2% over the previous month, according to analysts.
Consumer prices in Germany increased by 1.0 percent and 8.7 percent respectively in January, according to non-harmonised standards.
According to Commerzbank chief economist Joerg Kraemer, “the downward trend in inflation visible in the old figures should continue in the coming months, as the rise in energy prices is likely to ease further.” However, he cautioned that it is still too early to declare inflation safe.
Kraemer stated that, primarily as a result of rising wage costs, inflation excluding energy and food was likely to remain stubbornly high this year.
Alexander Krueger, chief economist at Hauck Aufhaeuser Lampe Privatbank, stated, “A fundamental easing of inflation is not in sight” because core inflation will remain high in 2023.
As a regular procedure, the consumer price index for Germany is updated. The base year has been moved from 2015 to 2020 with effect from January.
The statistics office will publish the final January results on February 22 as well as all recalculated January 2020 results using the new base year 2020.
On its website, the statistics office provides a breakdown of the figures for January.
