Consumer prices up by 2.4% in October

According to the Federal Statistical Office, the German consumer price index increased by 2.4% in the period from October 2006 to October 2007. As compared to September 2007, consumer prices increased by 0.2% by October this year.

The driving factor behind consumer price increases were once more mineral oil products. Without taking into account mineral oil price increases the overall inflation rate would have reached just 2.2%.

The relatively high inflation rate is also due to above-average price increases for foodstuffs and non-alcoholic beverages for which prices increased by on average 4.6% as compared to last year. Moderate price increases, on the other hand, were registered for coffee, tea and cocoa (+ 0.3%).

Increased prices for education (+29.2%) also affected the inflation rate in particular due to the introduction of tuition fees in five Federal Laender in April this year. In October 2007 two additional Laender followed suit.

Consumer-friendly were price developments with regard to information data processing devices (-10.1%; for PCs: -25.1% and laser jet printers: -6.0%) as well as those for consumer electronics (-7.9%; for TV sets: -21.1% and camcordera: -9.0%).

The harmonized European consumer price index for Germany increased by 2.7% in October this year as compared to October 2006. As compared to September, this index increased by 0.2%. GERMAN