After two months of slight relaxation, inflation in Germany is once again approaching the eight percent mark. In August, rising energy and food prices pushed annual inflation up to 7.9 percent. The Federal Statistical Office confirmed its preliminary calculations published almost two weeks ago on Tuesday.
According to the authority’s findings, price increases for clothing and shoes were comparatively low: Compared to August 2021, products from these categories rose on average by only 2.6 percent, compared to July the price in this segment rose by 0.8 percent Percent.
In July, the inflation rate fell to 7.5 percent. The fuel discount introduced by the federal government for three months and the 9-euro ticket for local public transport dampened the rise in prices somewhat. Both measures expired at the end of August.
For this reason alone, economists expect consumer prices to continue to rise in the coming months. The inflation rate in Germany could temporarily reach double digits. According to Wiesbaden statisticians, consumer prices in Europe’s largest economy increased by 0.3 percent from July to August of the current year. Here, too, the first estimate was confirmed. (dpa/FashionUnited)