The inflation rate continues to flatten. This is evident from the latest figures from the Federal Statistical Office (Destatis). In August 2024, the value was +1.9%. This means that the inflation rate is below the 2% mark for the first time in three years. It was last at +1.8% in March 2021, before the inflation rate rose sharply. In the previous month, July 2024, the rate of change was still +2.3%, and in June +2.2%.
The price declines in energy dampened the inflation rate in August even more than in the previous months. In contrast, the continued above-average price increases in services drove up inflation,” says Destatis President Ruth Brand. Compared to the previous month of July 2024, consumer prices fell by 0.1% in August 2024.
While the inflation rate in the energy sector fell by around 5%, it remained relatively constant in the clothing and footwear sector. Nevertheless, there was a slight increase of 0.5% compared to the previous month and 2.6% compared to the previous year.