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German inflation stops growth in August

Xinhua, August 30, 2016 Adjust font size:

German annual inflation stopped its growth path, stayed at the same level as the previous month in August, official data showed on Tuesday.

According to preliminary calculations, Germany's consumer price index (CPI) increased by 0.4 percent yearly in August, said German federal statistics office Destatis. It stood at the same level as in July, ending an upward trend which lasted for three months.

Energy prices remained the major drag of weak inflation. Compared with August 2015, energy prices fell by 5.9 percent.

Measured with the harmonized index of consumer prices (HICP), European Central Bank's yardstick, German annual inflation in August slowed to 0.3 percent from 0.4 percent in July.

"Today's German inflation data will not make the ECB's already difficult life any easier," said Carsten Brzeski, chief economist at ING DiBa bank.

The inflation data of the euro zone is due to be released on Wednesday. Economists said it would be weaker than expected.

In July, the euro zone inflation increased to 0.2 percent, remained far below ECB's target of "below, but close to 2 percent". Endit