German Annual Inflation Jumped 3.4% in August, a New 13-Year Record High

Source: Reuters

Germany’s annual consumer price inflation rose to hit a new 13-year record high in August, caused by growing price pressures as the economy recovers from the pandemic. DAX up +0.077%, EURUSD down -0.10

• Consumer prices, harmonized to make it comparable with inflation data from other EU countries, increased by 3.4% compared with 3.1% in July.
• The August figure was the highest inflation rate since July 2008, when the harmonized annual inflation rate jumped 3.4%.
• In the previous month, the prices of services rose by 2.2% with household spending rising by 1.4%. 
• Larger price increases were recorded for services of social facilities, restaurants, and cafés.