The underlying inflation rate fell one tenth, to 2.7%
Oct. 11 () –
Germany’s Consumer Price Index (CPI) stood at 1.6% year-on-year in September, three tenths below the inflation reading of the previous month and its lowest mark since February 2021, as reported by the Federal Office of Statistics (Destatis).
In turn, the harmonized inflation figure, used by Eurostat in its statistics, decreased two tenths, to 1.8%, during the ninth month of the year.
The evolution of prices was conditioned by the greater drop in the cost of energy, which registered a year-on-year decrease of 7.6% after the 5.1% drop in August. For its part, the price of food rose to 1.6% compared to the increase of 1.5% the previous month.
Afterwards, the price of goods fell 0.3% year-on-year, while services became more expensive by 3.8%.
“Specifically, the new reductions in energy prices curbed inflation more evidently in September 2024 than in previous months. On the other hand, increases in the prices of services, which remain above average, pushed inflation upwards,” explained the president of the Federal Statistics Office (Destatis), Ruth Brand.
Excluding the impact of energy and fresh food, Germany’s underlying inflation rate stood at 2.7%, one tenth less and the lowest level since January 2022.
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