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Consumer prices in October 2016: +0.8% on October 2015

2016-11-11 13:17:31

WIESBADEN - Consumer prices in Germany were 0.8% higher in October 2016 compared with October 2015. This means that the inflation rate as measured by the consumer price index continues to rise in the second half of the year (August 2016: 0.4%; September 2016: 0.7%). An inflation rate of 0.8% was last recorded in October 2014. Compared with September 2016, the consumer price index rose by 0.2% in October 2016. The Federal Statistical Office (Destatis) thus confirms its provisional overall results of 28 October 2016. 

The development of energy prices (-1.4% on October 2015) had a downward effect on the overall rise in prices in October 2016, as had been the case in the preceding months. However, the year-on-year decline in energy prices has continuously slowed since July 2016 (July 2016: -7.0%; August 2016: -5.9%; September 2016: -3.6%). Compared with October 2015, especially household energy prices were down (-2.3%, including charges for central and district heating: -7.5%; gas: -3.9%; heating oil: -1.4%). The prices of motor fuels were up year on year ( 0.4%, including supergrade petrol: 0.7%; diesel fuel: 0.2%). Excluding energy, the inflation rate ( 1.1%) was slightly lower than in September 2016 ( 1.2%). 

Food prices remained unchanged on October 2015. In October 2016, prices were markedly up on a year earlier especially for edible fats and oils ( 12.2%, including butter: 21.7%, and olive oil: 11.0%). Prices rose also for fish and fish products ( 3.8%) and fruit ( 2.6%). Consumers paid less especially for dairy products (-6.3%, including curd: -18.2%; cream: -15.5%; UHT milk: -15.1%) and vegetables (-3.6%). 

Prices of food (total) rose 0.4% from October 2015 to October 2016. Prices were up on the previous year not only for some foods but also, for example, for pharmaceutical products ( 2.3%), tobacco products ( 3.1%) and newspapers and periodicals ( 4.0%). Price decreases were observed for energy (-1.4%) and, among other things, consumer electronics (-3.4%).

Compared with the moderate price rise for goods, prices of services rose more markedly ( 1.3%) on a year earlier. This development was mainly due to the increase in net rents exclusive of heating expenses ( 1.4% on October 2015), as households spend roughly a fifth of their consumption expenditure on this item. Even more marked price rises on the previous year were recorded, among other things, for services of social facilities ( 4.4%) and insurance services ( 3.1%). The price development was consumer-friendly in the sphere of package holidays (-1.6%) and telecommunications services (-1.4%). 

Compared with September 2016, consumer prices as a whole rose slightly by 0.2%. Energy prices were up 1.5% in October 2016, especially the prices of mineral oil products rose markedly ( 4.2%, of which heating oil: 11.2%, motor fuels: 2.4%). Food prices remained nearly unchanged ( 0.1%). Here, prices rose for edible fats and oils ( 6.7%), while they fell for vegetables (-2.3%). 

Enlarge picture The harmonised index of consumer prices (HICP) for Germany, which is calculated for European purposes, rose by 0.7% in October 2016 on October 2015. The inflation rate thus reached the highest level so far this year. Compared with September 2016, the index rose by 0.2% in October 2016. This confirmed the HICP estimates of 28 October 2016.

Publisher: Federal Statistical Office of Germany Press Office Indication of source requested for distribution

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Kategorie: Federal Statistical Office of Germany News