Consumer prices in January – final details

Symbolfoto für Verbraucherpreise - eine gepresste Brieftasche

Yesterday the Federal Statistical Office published the final figures for consumer prices for the month of January. As announced two weeks ago, consumer prices are up 1.7% year-on-year, after 1.5% and 1.1% in the previous two months. It was a price increase that was caused, among other things, by the oil price, which had been rising for months. As in recent weeks, we would like to assume that the February figure will be lower again because the oil price has fallen sharply by a good 15 Dollars in recent weeks!

Here are some quite interesting details in the wording from the statisticians:

Prices for goods as a whole in January 2020 were 2.0% higher than in the same month of the previous year. Energy products in particular became more expensive (+3.4 %) after a slight price decline in December 2019 (-0.1 %). In January 2020, fuels (+5.2 %) and electricity (+3.9 %) in particular were more expensive than a year earlier. Food prices also rose above average (+2.3 %). Meat (+6.2 %) and fruit (+6.0 %) were particularly expensive. Among the goods, newspapers and magazines (+5.3%) and tobacco products (+4.4%) also became noticeably more expensive.

Inflation rate without energy at +1.5.

Excluding energy prices, the inflation rate in January 2020 would have been +1.5%.

Total services prices rose by 1.5 % within a year.

Prices for services as a whole increased by 1.5% in January 2020 compared to the same month last year. Particularly noteworthy here are the rising prices for car service stations (+4.7 %) and for services provided by social institutions (+4.3 %). Net rents, which are significant due to the large share of private households’ consumption expenditure, increased by 1.4%.

Significant price declines compared to previous month for travel packages, rail and clothing.

Compared to December 2019, the consumer price index fell by 0.6% in January 2020. In addition to the seasonal price declines for travel packages (-28.7%), clothing (-6.3%) and footwear (-4.0%), the reduction in VAT on long-distance rail tickets as of 1st of January 2020 also had an impact, reducing these prices by 10.0%.

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