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Consumer prices up by 2.4%

In October 2008, consumer prices in Germany have increased by 2.4% as compared to October last year. This is the prediction made by the Federal Statistical Office on the basis of data provided by six German states. Thus, consumer prices have been increasing less rapidly recently. In September this year annual inflation had still been at 2.9%. In the September-to-October 2008 comparison there is even a reduction of 0.2% in consumer prices. This development is particularly due to smaller prices for mineral oil products.

In six Federal states prices for fuels were down by between 6.1% and 9.0% in October this year as compared to September. In comparison with October 2007 fuel prices were between 0.4% and 4.8% higher. Prices for heating oil fell by between 5.9% and 9.2% as compared to September this year, but were still by between 17.4% and 28.6% higher than in October 2007. Prices for natural gas, however, increased by between 5.7% and 14.9% since September 2008 and by between 16.5% and 24.2% as compared to October 2007.

The European harmonized consumer price index for Germany will probably increase by 2.5% in October 2008 as compared to October last year (in September 2008: +3.0%). As compared to September 2008 the index change is -0.3%. Final data are expected to be published on November 14th. GERMAN