According to the Federal Statistical Office, the index of production prices for industrial products was up by 1.0% in August this year as compared to August 2006. Thus, annual inflation once again decreased (Juli +1.1%, Juni +1.7%, Mai +1.9%). Compared to July 2007 the index increased slighty by 0.1%.
The development of enery prices still has a curbing effect on production price increases. Without taking into account prices for energy the production price index rose by 2.6% in August 2007 as compared to the same month 2006.
In August 2007 energy prices were 3.5% lower than the record prices for energy in August last year and fell by 0.5% as compared to July 2007. As compared to 2006 prices for mineral oil produts were 2.3% lower in August 2007 and 1.8% lower as compared to July 2007. Electricity in August 2007 was 0.7% less expensive as compared to the same month last year and 0.1% less expensive than in July this year. Prices for natural gas fell by 8.3% in August as compared to last year, but increased slightly as compared to July 2007.
Annual inflation with regard to intermediate inputs fell by 3.7% in August, but was still above average. For some intermediate inputs in the food sector prices rose strongly in the last 12 months. Prices for consumer products increased above average by 2.7% in August this year as compared to the same month last year.