Baden-Wuerttemberg CPI
November: +0.3% m/m, +1.6% y/y
October: flat m/m, +1.1% 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) – Consumer prices in the western German state of
Baden-Wuerttemberg rose by 0.3% in November, lifting the annual rate to
+1.6% from +1.1% in October, the state statistics office said Friday.
The monthly rise was well above the -0.1% median forecast for
pan-German CPI in a MNI survey of analysts. Earlier today, five other
states all reported monthly results above expectations, ranging from
unchanged to +0.2%, strongly suggesting that the aggregate flash CPI
estimate, likely to come later this afternoon, will be above
expectations.
Upward pressure on monthly consumer prices came from heating oil
(+2.9%), seasonal foods (+3.2%), food and alcoholic beverages (+1.1%)
and clothing and shoes (+1.1%).
In annual comparison, prices were pushed up by heating oil (+19.3%)
and seasonal foods (+11.0%).
Motor fuels rose 0.6% on the month and were up 7.1% on the year.
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
[TOPICS: M$G$$$,M$X$$$,MAGDS$,M$XDS$,MT$$$$]
