German consumer prices rise by 2.3 percent

Source: Xinhua| 2018-10-12 20:13:05|Editor: xuxin
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BERLIN, Oct. 12 (Xinhua) -- Germany's inflation rate nudged upward again in September, according to official figures published on Friday by the Federal Statistical office.

According to the Wiesbaden-based agency, the country's consumer price index (CPI) was up 2.3 percent last month year on year from a year ago, marking the largest increase since November 2011 with 2.4 percent.

On a monthly basis, consumer price index rose by 0.4 percent.

Like several previous months, German inflation in September was largely driven by an increase in energy costs, which stood at 7.7 percent year on year.

Heating oil was 35.6 percent more expensive, while fuel prices rose by 13.0 percent. Back in August and July, consumers witnessed steep increases in average energy costs of 6.9 and 6.6 percent respectively. Excluding the energy category, the overall inflation rate in September would have only been measured at 1.6 percent.

Food prices rose again by 2.8 percent, after a 2.5 percent annual increase recorded in August in contrast to energy and food, electronic entertainment products (minus 4.6 percent) and telephones (minus 5.3 percent) both cheapened during the period under scrutiny.

The European Central Bank (ECB) sets an official inflation target of close to but below two percent for members of the Eurozone single currency area. The German ministry for the economy has recently predicted in its autumn forecast that average inflation in Germany would be measured at 1.7 percent in 2018.