German inflation rate confirmed at 1.8% in NovemberStaff Writer | December 13, 2017
German consumer prices rose by 1.8$ year-on-year in November 2017, following a 1.6$ rise in the prior month and matching the preliminary estimate.
Germany The harmonised index of consumer prices rose
Year-on-year, cost of services rose 1.5$ from a year ago, following a 1.2$ gain in October. Prices increased mainly for: net rents exclusive of heating expenses (1.7%); package holidays (4.9%); maintenance and repair of vehicles (3.7%); and in-patient health services (3.5%).
Meantime, consumers paid less for insurance services for transportation (-8.9%) and services of social facilities (-7.4%) and telecommunication services (-0.6%).
Prices of goods increased by 2.1$, after a 1.9$ rise in the preceding month, as prices of energy went up at a faster pace while food inflation slowed.
Prices also increased for newspapers and periodicals (4.9%); tobacco products (4.6%); and pharmaceuticals products (2.6%), while cost fell for information processing equipment (-1.9%) and consumer electronics (-1.5%).
Energy prices were up 3.7$, following a 1.2$ rise in a month earlier.
Prices increased especially for: mineral oil products (7.7%), of which heating oil (15.1%) and motor fuel (5.9%); electricity (2%); charges for central and district heating (1%); and solid fuels (0.9%). Only gas prices declined on a year earlier (-1.4%).
Food and non-alcoholic beverages prices went up by 2.8$, easing from a 3.8$ increase in the prior month. Prices rose for: edible fats and oils (17.8%); dairy products (11.1%); fish and fish products (4.0%); meat and meat products (3.0%) and fruits (4.1%). Only the prices of vegetables were down (-3.2%).
On a monthly basis, consumer prices rose 0.3$, after showing no growth in October. Prices increased for energy (1.3%), especially for heating oil (5.2%) and motor fuels (2.6%). Also, cost of food rose 0.3$, particularly for: dairy products (3.4%).
On the other hand, prices of edible fats and oils declined markedly (-6.0%); especially butter (-9.7%) and vegetables (-1.6%).
A decline was also recorded for cost of clothing and footwear (-0.7%) and alcoholic beverages and tobacco (-0.2%).
The harmonised index of consumer prices rose 1.8$ from the previous year, compared to a 1.6$ rise in October and matching the preliminary estimate. Compared to a month earlier, the index went up 0.3$. ■