Consumer prices up by 2.9 percent in September

The consumer price index for Germany once again rose in September 2008 as compared to September last year. Prices increased by 2.9%. In comparison to August, however, consumer prices fell slightly by 0.1%. From May to August annual inflation had still been at 3% and more. Inflation was particularly driven by a price rise for energy (+12.2%) and food (+6.4%) factors which accounted for more than half of overall inflation.

In the energy sector prices increased most for mineral oil products over the past year (+14.8% with prices for fuel oil rising by +32.1% and those for fuels by +10.1%). Other sources of energy such as natural gas became also more expensive (+14.1%). Without taking into account price rises for energy inflation would have been +1.8%.

Prices for food and non-alcoholic beverages grew by 6.1% from September 2007 to September 2008. Prices for dairy products, eggs, bred and cereals increased particularly much.

The overall decrease in the consumer price index by 0.1% from August to September this year was due to seasonal price reductions for package holidays (-7.0%) and accommodation services (-9.9%) as well as for fuel oil (-1.9%). For clothing, however, consumers had to pay on average 3.5% more in September as compared to August due to the changeover from the summer to winter collection. Prices for natural gas increased by (+3.2%).

Prices for food fell by 0.3% which was also due to seasonal factors.

The European harmonized consumer price index for Germany was up by 3.0% in September this year as compared to September 2007 and fell by 0.1% in comparison to August this year. GERMAN