Saxony CPI
November: flat m/m, +1.5% y/y
October: flat m/m, +1.4% 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 eastern German state of
Saxony were flat in November, lifting the annual inflation rate to +1.5%
from +1.4% in October, the state statistics office said Friday.
The monthly result — the first from the six states to release
preliminary inflation figures — is above the median forecast of -0.1%
for pan-German CPI in an MNI survey of analysts.
Upward pressure on monthly inflation came from food prices, which
rose 0.9%, with seasonal produce up 3.9%. Prices for clothing and shoes
climbed 0.7%.
Energy price developments were mixed. While electricity remained
unchanged on the month, heating oil rose 2.0%, motor fuel 0.9% and gas
0.3%.
Prices for packaged holiday tours fell 3.8%. Hotel and restaurant
services were 1.1% cheaper than a month ago.
In the annual comparison, heating oil prices rose 19.1%, motor fuel
6.6% and electricity 6.3%, while gas prices were down 1.8%.
Food prices were 3.4% higher than a year ago and seasonal produce
spiked 14.0%. Prices for clothing and shoes were up 4.2% on the year.
Core inflation also remained tame in November. CPI-ex energy and
seasonal food was down 0.1% on the month and up 0.8% on the year.
Despite the ongoing economic recovery, German economic activity is
still well below pre-recession levels, analysts point out. 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 in the foreseeable future.
For detailed information see data table on MNI MainWire.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
[TOPICS: M$G$$$,MAGDS$,M$X$$$,M$XDS$,MT$$$$]
