By Margit Feher
Consumer prices in the German state of Saxony rose faster in August
than expected for the whole of the country due to a sharp rise in oil
prices, data released Wednesday by the state's statistics office
showed.
Inflation data released Tuesday by Germany's most populous state,
North Rhine Westphalia, already indicated that German consumer prices
received a boost in August from higher energy prices on the back of a
weaker euro.
Consumer price inflation in Saxony was 0.3% on the month and 2.1% on
the year in August, with the annual reading exceeding the European
Central Bank's price stability threshold of 2%. The readings are also
higher than the expectations of analysts polled by Dow Jones Newswires
for a monthly increase of 0.2% and an annual rise of 1.9% for the
whole of Germany in August.
Fuel prices increased 4.9% in August from July and were up 8.9% from a
year earlier in Saxony in August. Household energy prices were 1.0%
higher on the month and 5.9% up on the year.
Four additional German states are due to report their inflation
readings and the federal statistics office is slated to release its
pan-Germany estimate for this month later Wednesday.
Write to Margit Feher at margit.feher@dowjones.com
(END) Dow Jones Newswires
August 29, 2012 03:23 ET (07:23 GMT)
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