German Consumer Prices Rise by 7.9% in August – Destatis
2022.08.30 15:50
By Scott Kanowsky
Investing.com — German inflation increased in August to 7.9% compared to the same period last year, reversing two consecutive months of slowing and topping predictions, according to preliminary data on Tuesday.
Economists had estimated the reading to come in at 7.8%, after the closely-watched consumer price index showed growth edged down to 7.5% in July and 7.6% in June.
On an EU-harmonized basis, the figure jumped to 8.8%, up from 8.5% in July.
The German statistics office cited soaring energy costs as a key driver behind the accelerating price growth, with fuel costs in the country 35.6% higher in August versus last year.
“Energy prices, in particular, have increased considerably since the war started in Ukraine and have had a substantial impact on the high inflation rate,” Destatis, the federal statistics agency, said in a statement.
Surging food prices, as well as COVID-related supply chain constraints, also contributed to the uptick in consumer prices, the agency added.
