Germany's 2022 inflation drops one point to 6.9% after changes to index

BERLIN, Feb 22 (Reuters) - Germany's new 6.9% inflation reading for 2022 is one point lower than previously reported due to revisions by the statistics office to how the consumer price index is measured. A new base year is introduced every five years, Stephanie Hirner, head of the prices group at the statistics office said on Wednesday. In January, the index was rebased from the previous base year 2015 to 2020. "Based on the new basket of goods now in effect, last year's inflation rate was significantly lower than previously reported," Commerzbank's senior economist Ralph Solveen said.

The new base year was marked by the start of the COVID pandemic. The stats office used an average of the years 2019 to 2021 for the most part to derive the new weights in the inflation basket, the office explained. German consumer prices rose 8.7% on the year in January and 1.0% on the month, the statistics office said on Wednesday.

The figures from previous months had to be recalculated - inflation was running at 8.1% in December and 8.8% in November, compared to 8.6% in December and 10.0% in November before the revisions.

"There is now no longer a double-digit figure, and the inflation rate has not fallen since the fall, but has moved sideways," Solveen said. (Reporting by Maria Martinez; Editing by Nick Macfie)

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Germany's 2022 inflation drops one point to 6.9% after changes to index

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Solid price gains for gold, silver after busy news weekend

Bitcoin remains a ‘speculative vehicle’ and ‘won’t work’ as a reserve: ‘I prefer gold’ – Ray Dalio

off-the-wire

Germany&apos;s 2022 inflation drops one point to 6.9% after changes to index

By Reuters

Reuters

Reuters

Germany's 2022 inflation drops one point to 6.9% after changes to index