Press release No. 340 of 10 September 2024
Consumer price index, August 2024
+1.9% on the same month a year earlier (provisional result confirmed)
-0.1% on the previous month (provisional result confirmed)
Harmonised index of consumer prices, August 2024
+2.0% on the same month a year earlier (provisional result confirmed)
-0.2% 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 (CPI), stood at +1.9% in August 2024. The last time inflation was below two percent was just over three years ago (March 2021: +1.8%). The rate of change was +2.3% in July 2024 and +2.2% in June 2024. "Falling energy prices slowed inflation more significantly in August than in the previous months. On the other hand, price increases for services, which are still above average, drove inflation up," says Ruth Brand, President of the Federal Statistical Office (Destatis). Compared with July 2024, consumer prices were down 0.1% in August 2024.
Energy product prices fell by 5.1% compared with August 2023
Registering a decline of 5.1%, energy product prices in August 2024 were significantly lower than in the same month a year earlier, following a decrease of 1.7% in July 2024. In particular, the prices of motor fuels (-6.9%) and household energy (-3.8%) were down from a year earlier. With regard to household energy, consumers continued to benefit from lower prices for firewood, wood pellets and other solid fuels (-13.1%) and heating oil (-9.3%). Electricity (-6.8%) and natural gas prices (-3.1%) were also down from August 2023. By contrast, district heating was still considerably more expensive (+31.1%) than a year earlier.
Food prices up 1.5% on August 2023
The prices of food (only in German) were 1.5% higher in August 2024 than in the same month a year earlier. The rise in food prices therefore accelerated for the fifth consecutive month (July 2024: +1.3%, June: +1.1%). Nevertheless, the rate of price increase for food remained below the overall inflation rate. Year on year, notable price increases were recorded for edible fats and oils (+15.9%, including olive oil (only in German): +35.0%). In August 2024, consumers also had to pay more than a year earlier for other food groups such as sugar, jam, honey and other confectionery (+5.0%), fruit (+2.5%) and vegetables (+0.9%). By contrast, dairy products, for example, were less expensive (-0.4%).
Inflation rate excluding food and energy at +2.8%
Excluding energy prices, the inflation rate stood at +2.6% in August 2024. The inflation rate excluding food and energy, often referred to as core inflation, was +2.8% in August 2024. The year-on-year change in the consumer price index excluding food and energy therefore remained just below three percent (June and July 2024: both +2.9%). Both rates have notably exceeded overall inflation since January 2024, thereby demonstrating that inflation was above average in other important product groups.
Goods prices remained stable compared with August 2023
The prices of goods (total) remained stable from August 2023 to August 2024 (0.0%, of which non-durable consumer goods: +0.1%; durable consumer goods: 0.0%) and were therefore significantly below the overall inflation rate. Aside from the significant decline in energy prices (-5.1%), individual products were, however, more expensive, particularly non-alcoholic beverages (+7.1%) and tobacco products (+5.1%).
Above-average increase in service prices of 3.9% year on year
Compared with the same month of the previous year, the prices of services (total) were up 3.9% in August 2024. The increase in service prices was therefore markedly higher than overall inflation. Services have consistently registered a price increase of 3.9% ever since May 2024. In the period from August 2023 to August 2024, prices were up, in particular, for insurance services (+12.6%, including transport insurance (only in German): +25.5%), services of social facilities (+7.8%) and catering services in restaurants, cafés and the like (+6.7%). Other notable price rises were observed, for instance, for the maintenance and repair of vehicles (+5.5%), water supply and miscellaneous services relating to the dwelling, and recreational and sporting services (+4.4% each). Net rents exclusive of heating expenses also continue to be a major factor contributing to the development of service prices. At +2.1%, the rate of price increase was just slightly higher than the inflation rate. By contrast, only few services cost less than in the same month a year earlier, for example tickets for international flights (-0.7%) and telecommunications services (-0.3%).
Prices of mineral oil products down 2.9% month on month
Compared with July 2024, the consumer price index fell by 0.1% in August 2024. Energy prices (total) decreased by 1.4%. Lower prices were mainly recorded for mineral oil products (-2.9%, of which heating oil: -3.8%; motor fuels: -2.8%). Food prices (total) dropped slightly (-0.2%) compared with the previous month, with a particular decline registered for the price of vegetables (-3.0%).
Methodological notes:
An overview explaining the different measures of the Federal Government and their impact on the consumer price index is available on the website of the Federal Statistical Office.
In the Euro area, the harmonised index of consumer prices (HICP) is used for the purposes of monetary policy. Apart from the individual purposes they serve, the consumer price index (CPI) and the HICP differ in terms of coverage, methodology and weighting. This explains the differences between the CPI and the HICP for Germany. In contrast to the HICP, the CPI also includes household expenditure on owner-occupied housing, games of chance and broadcasting fees. In addition, the HICP product weights are updated annually. Explanatory notes on this matter are available on the website of the Federal Statistical Office together with the HICP results and a methodological paper on the HICP.
Inflation Calculator for personal rate of inflation:
Consumers can use the Personal Inflation Calculator of the Federal Statistical Office to adapt their monthly consumption expenditure on individual product groups according to their own consumption patterns and to calculate their personal inflation rate. In addition, the Price Kaleidoscope gives an overview of the price trend and the weights of various products.
Overall index / subindex | Weighting | Index | Change on same period of previous year | Change on the previous month |
|---|---|---|---|---|
in per mill | % | |||
| Overall index | 1,000.00 | 119.7 | 1.9 | -0.1 |
| Food and non-alcoholic-beverages | 119.04 | 132.4 | 2.1 | -0.1 |
| Food | 104.69 | 132.6 | 1.5 | -0.2 |
| Meat and meat products | 22.16 | 129.2 | 0.0 | 0.2 |
| Fruit | 11.62 | 116.2 | 2.5 | 0.9 |
| Vegetables | 13.72 | 126.2 | 0.9 | -3.0 |
| Alcoholic beverages and tobacco | 35.26 | 122.7 | 3.2 | 0.4 |
| Clothing and footwear | 42.25 | 106.3 | 2.6 | 0.5 |
| Housing, water, electricity, gas and other fuels | 259.25 | 116.1 | 1.0 | -0.1 |
| Actual net rent exclusive of heating expenses | 68.30 | 108.0 | 2.1 | 0.2 |
| Imputed net rent exclusive of heating expenses | 104.13 | 107.2 | 2.1 | 0.1 |
| Household energy | 43.44 | 150.0 | -3.8 | -0.5 |
| Electricity | 24.50 | 126.9 | -6.8 | -0.2 |
| Gas 1 | 6.07 | 190.2 | -3.1 | -0.4 |
| Healting oil 1 | 1.70 | 192.2 | -9.3 | -3.8 |
| Furniture, lighting equipment, appliances and other household equipment | 67.78 | 117.5 | -0.7 | -0.3 |
| Health | 55.49 | 108.0 | 2.7 | 0.1 |
| Transport | 138.22 | 125.1 | -0.2 | -1.0 |
| Motor fuels | 30.46 | 139.5 | -6.9 | -2.8 |
| Supergrade petrol | 23.19 | 137.9 | -6.5 | -2.6 |
| Diesel fuel | 6.92 | 143.1 | -8.7 | -3.6 |
| Communication | 23.35 | 98.8 | -1.2 | -0.2 |
| Recreation and culture | 104.23 | 118.6 | 1.2 | 0.0 |
| Package holidays | 13.22 | 150.8 | 3.6 | 1.8 |
| Education | 9.06 | 112.9 | 5.1 | -0.7 |
| Restaurant and accommodation services | 47.20 | 128.2 | 6.2 | 0.3 |
| Miscellaneous goods and services | 98.87 | 121.3 | 6.2 | 0.1 |
| Overall index, excluding food and energy 2 | 821.41 | 115.7 | 2.8 | 0.1 |
More information:
Detailed results can be found in the tables on the consumer price index (61111-0004) and (61111-0006) and on the harmonised index of consumer prices (61121-0002) and (61121-0006) in the GENESIS-Online database. Special items shown in Tables (61111-0006) and (61121-0006) contain CPI and HICP results which are used to measure "core inflation". The table "Verbraucherpreisindex – Preisentwicklung für Nahrungsmittel" (only in German) contains information on changes in the prices of individual food products.
Eurostat, the Statistical Office of the European Union, has released provisional results on Euro area inflation for August 2024 (available on Eurostat’s website under News > Euro indicators).
Consumer price index results are also available on Dashboard Germany (www.dashboard-deutschland.de) (only in German). In this data portal, the Federal Statistical Office brings together up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, the labour market, construction, housing, energy and Ukraine. The portal also contains the Economic Pulse Monitor tool (Pulsmesser Wirtschaft) (only in German) for real-time economic monitoring.
