Pubblicato in: Banche Centrali, Devoluzione socialismo

Germania. Luglio21. CPI, consumer price index, +3.8%. Energy +11.6%.

Giuseppe Sandro Mela.

2021-08-12.

Destatis__001

                         In sintesi.

– +3.8% on the same month a year earlier

– in June 2021 it had been +2.3%

– increase in Energy product prices (+11.6%)

– the CO2 charge introduced at the beginning of the year, the increasing inflation rate was also attributable to the current rise in energy prices

– heating oil (+53.6%)

– Food prices in July 2021 were up 4.3% on the same month a year earlier

– services of social facilities (+5.1%)

– package holidays (+22.1%)

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Alla fine anche Destatis si è arresa davanti alla evidenza dei fatti

«the CO2 charge introduced at the beginning of the year, the increasing inflation rate was also attributable to the current rise in energy prices»

La pandemia da Covid è stata ininfluente sul calcolo del CPI, e Destatis nemmeno la menziona.

Ma senza prodotti energetici a basso costo ogni possibile crescita è inibita.

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Destatis. Inflation rate at +3.8% in July 2021

                         Consumer price index, July 2021

+3.8% on the same month a year earlier (provisional result confirmed)

+0.9% on the previous month (provisional result confirmed)

                         Harmonised index of consumer prices, July 2021

+3.1% on the same month a year earlier (provisional result confirmed)

+0.5% on the previous month (provisional result confirmed)

Wiesbaden − The inflation rate in Germany, measured as the year-on-year change in the consumer price index, stood at +3.8% in July 2021. The inflation rate has thus surged; in June 2021 it had been +2.3%. A higher inflation rate than in July 2021 was last measured in December 1993 (+4.3%). The Federal Statistical Office (Destatis) also reports that consumer prices were up 0.9% on June 2021.

                         Base effect caused by VAT rates starts to have an impact in July 2021

As a consequence of the temporary reduction of VAT rates (from July 2020 to December 2020), consumer prices had fallen sharply in July 2020. The low price level of a year ago now had an upward effect on the price development for many goods and services and, consequently, on the overall inflation rate. “The sudden base effect occurring in July 2021 had been expected as the tax reduction had been passed on to consumers a year ago, involving price decreases for many products. The upward effect on prices is augmented by special developments for some products, in particular energy products”, said Christoph-Martin Mai, Head of the Consumer Prices Section at the Federal Statistical Office.

                         Substantial increase in energy prices of 11.6% compared with a year earlier

The prices of goods (total) increased by 5.4% between July 2020 and July 2021, which was above average. Especially the increase in Energy product prices (+11.6%) was markedly higher than overall inflation. The price increase for such products accelerated again (June 2021: +9.4%). In addition to the price trend of a year ago (base effect) and the CO2 charge introduced at the beginning of the year, the increasing inflation rate was also attributable to the current rise in energy prices. Prices were up especially for heating oil (+53.6%) and motor fuels (+24.7%). The prices of natural gas (+4.7%) and electricity (+1.6%) rose, too.

Food prices in July 2021 were up 4.3% on the same month a year earlier, following +1.2% in June 2021. Marked price increases on July 2020 were recorded, for example, for vegetables (+7.2%) and edible fats and oils (+6.9%). As regards goods, marked price rises were also observed for clothing (+6.2%) and vehicles (+5.2%) as well as furniture and lighting equipment (+4.0%). Prices were slightly down, among other things, for mobile phones (-2.9%).

                         Inflation rate excluding energy at +2.9%

The year-on-year increases in energy product prices and food prices had a clear upward effect on the inflation rate. Excluding energy prices, the inflation rate would have been just +2.9% in July 2021; excluding the prices of both product groups, it would have been +2.7%.

                         Service prices up 2.2% year on year

The prices of services (total) increased by 2.2% in July 2021 compared with the same month a year earlier. Net rents exclusive of heating expenses, which are important as they account for a large part of household final consumption expenditure, rose by 1.4%. Larger price increases were observed, among other things, for services of social facilities (+5.1%), maintenance and repair of vehicles (+4.9%) and for catering services in restaurants, cafes and the like (+3.6%).

                         Prices up 0.9% on the previous month

Compared with June 2021, the consumer price index rose by 0.9% in July 2021. Energy product prices were up 1.3%, especially the prices of heating oil (+3.0%) and motor fuels (+2.6%). In addition, in the holiday month of July, seasonal price rises were recorded for overnight stays (+1.8%) and especially package holidays (+22.1%); the range of such services offered was still restricted.

The prices of food (total) rose by 0.4%. Prices of vegetables, for example, increased (+1.1%), whereas prices of fruit were down (-1.2%). The prices of clothing and footwear were also down (-2.4%), which was mainly due to seasonal reductions in the prices of summer articles.