Brandenburg CPI
November: flat m/m, +1.1% y/y
October: flat m/m, +1.0% y/y
—
Hesse CPI
November: +0.1% m/m, +1.2% y/y
October: -0.1% m/m, +1.0% y/y
—
Pan-German CPI
MNI median forecast: -0.1% m/m, +1.5% y/y
MNI forecast range: -0.3% to +0.2% m/m
October: +0.1% m/m, +1.3% y/y
—
BERLIN (MNI) – November consumer prices in the western German state
of Hesse rose 0.1% m/m and were unchanged in the eastern German state of
Brandenburg, the respective state statistics offices said Friday.
Monthly CPI results in the two states were above the median
pan-German forecast of -0.1% in an MNI survey of analysts. Saxony
earlier posted a flat result on the month.
As in Saxony, upward pressure on prices in Brandenburg and Hesse
came from foods, which were up 1.0% on the month in both states.
Seasonal foods were also up 4.5% m/m in Brandenburg and 3.6% m/m in
Hesse. Downward pressure on monthly consumer prices in Hesse and
Brandenburg came from leisure activities, which were down 1.0% and 0.9%
on the month, respectively.
Year-on-year price developments were driven mainly by seasonal
foods, which were up 14.6% in Hesse and 14.8% in Brandenburg, as well as
heating oil costs, which rose 20.5% in Hesse and a more modest 12.9% in
Brandenburg.
Core inflation (price changes excluding heating oil and motor
fuels) was flat on the month in Hesse and Brandenburg and was +0.8% y/y
in both states.
Despite the ongoing economic recovery, German economic activity is
still well below pre-recession levels, analysts note. Underlying
inflation pressure will likely remain subdued for the time being, they
predict.
Given slowing global demand and increasing fiscal tightening, the
German recovery is set to moderate. Remaining spare capacity is, thus,
seen keeping core inflation down.
For detailed information see data table on MNI MainWire.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
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