Inflation rate in August 2023

Inflation rate in August 2023

The inflation rate in Germany and the euro area remained almost unchanged in August 2023. This emerges from the preliminary information from Eurostat and the Federal Statistical Office (Destatis).

Germany: Inflation rate at 6.10%
According to preliminary information from Destatis, the inflation rate in Germany in August 2023 is 6.10% compared to the same month last year. It is therefore only a little lower than in July 2023 - the inflation rate there was 6.20%. According to preliminary data, core inflation, excluding energy and food sectors, was 5.50% in August. This means that core inflation remains unchanged compared to July.

Energy and food prices remained high in August compared to the same month last year, while services prices fell slightly:

Energy prices: 8.30%
Food prices: 9.00%
Prices for services: 5.10%
In July 2023, the rates were 5.70% (energy), 11.00% (food) and 5.20% (services).

Eurozone: Inflation rate at 5.30%
According to Eurostat, the inflation rate in the euro area is expected to remain at 5.30% in August 2023. The main driver of inflation was probably still the prices for food and beverages. In some cases the values in August for the euro area were set as follows:

Food and beverages: 9.80%
Energy: -3.30%
Services: 5.50%
Inflation pressure remains high
The inflation rate in Germany and the euro area remains high. This is primarily due to the consequences of the war in Ukraine. The war led to a sharp increase in the price of energy and other raw materials. The price increases are also very noticeable among private consumers. Friedrich Heinemann from ZEW Mannheim assumes that private consumption will continue to be depressed for the foreseeable future due to persistently high prices.

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