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Financial News: Germany's Inflation Near 7-Year High

Germany's Inflation Near 7-Year High

10/12/2018 - 02:55:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation accelerated to its highest level in nearly seven years in September, final data from Destatis revealed Friday.

Consumer prices advanced 2.3 percent on year, the fastest since November 2011, when inflation was 2.4 percent. Prices had advanced only 2 percent in August.

Month-on-month, inflation rose to 0.4 percent from 0.1 percent in August. Both annual and monthly rates matched initial estimate published on September 27.

The increase of energy product prices had a considerable effect on inflation. Excluding energy prices, the inflation rate was 1.6 percent in September.

The harmonized index of consumer prices, or HICP, climbed 2.2 percent year-on-year in September, as estimated, after a 1.9 percent increase in the previous month. This was the fastest in four months.

On a month-on-month basis, the HICP rose 0.4 percent in September, in line with preliminary estimate.

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