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Business

German inflation edges above ECB price stability limit

Rising energy prices have pushed inflation in Germany above the European Central Bank’s (ECB) stable price threshold of 2.0 percent. However, the results still constitute an improvement compared with earlier statistics.

Prices in Germany rose 2.1 percent in August compared with the same month a year ago, the German Federal Statistics Office, Destatis, said Wednesday.

The cost of living had edged up 0.4 percent per month, driven primarily by a steep rise in energy prices, Destatis said.

According to Destatis data, car fuel rose 9.4 percent in August, while oil used for heating jumped 13.5 percent. Price increases for foodstuffs, which went up 3.3 percent, also contributed to inflation.

However, Germany's August inflation has actually dropped in the course of the past 12 months, from a rate of 2.3 percent recorded in August 2011.

In addition, German inflation would have been just 1.4 percent, if higher energy prices were stripped from the total, reported Destatis.

According to the German central bank, the cost of living was expected to come in at an average 2.1 percent in 2012, and would further drop to 1.6 percent in 2013.

uhe/ccp (AFP, Reuters)