– German consumer prices rose 1.3% per year in line with national standards
– Coronavirus restrictions caused price collection problems again in February
– Food prices rose 1.4% year on year
German consumer prices rose in February, confirming preliminary data, the German statistical office Destatis said Friday.
One year on, consumer prices rose by 1.3% measured by national standards and by 1.6% by EU conformity standards. Both figures were in line with the expected increases in economists surveyed by The Wall Street Journal.
Consumer prices rose 0.7% per month in line with national standards and 0.6% in line with EU compliance standards. These were also according to a forecast of economists surveyed by the Wall Street Journal.
Commodity prices rose 1.0% year-on-year in February. Food prices rose 1.4%, slowing down from the previous month. Significant price increases were also seen for tobacco products, up 3.9%, and a significant decrease of 9.2% was recorded for mobile phones, Destatis said.
Prices of energy products rose 0.3% on the year, after falling 2.3% in January. Without energy prices, inflation in February would be at 1.4% a year.
Meanwhile, service prices rose 1.4% year-on-year in February. Higher price increases were recorded for social utilities and financial services, while telecommunications services prices were down 1.0%.
The coronavirus pandemic and the associated restrictions caused price collection problems again in February due to the unavailability of some products in the market, Destatis said.
Write to Maria Martinez at [email protected]