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Friday, March 28, 2008

Germany Inflation March 2008

As reported by the Federal Statistical Office, the consumer price index for Germany for March 2008 rose by 3.1% (provisional estimate) over March 2007. Compared with the previous month, the index was up 0.5%. The harmonised consumer price index for Germany (HICP), which is calculated for European purposes, is estimated to have risen by 3.2% in March 2008 on March 2007 (February 2008: +2.9%). Compared with February the index was up 0.5%.

The high year-on-year rate of price increase is influenced by price rises for food and non-alcoholic beverages as well as for mineral oil products. Prices of food and non-alcoholic beverages in the six Länder in March 2008 were up by 0.2% to 0.9% compared with the previous month and were thus above March 2007 levels by between 7.3% and 9.6%. Prices of liquid fuel were by between 5.1% and 8.9% above February 2008 levels and by between 35.8% and 44.3% above March 2007 levels. Motor fuel prices rose by between 3.6% and 5.3% on February 2008 and by between 11.6% and 14.4% on March 2007.

A stable month-on-month price trend was observed for electricity and gas (between –0.2% and +0.1%). Seasonal increases were recorded in March 2008 for package holiday prices (+0.8%) compared with February 2008. They were thus by 4.8% higher than a year earlier. That price increase is also due to the early Easter in 2008. In 2007, Easter holidays were in April.

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