Germany’s CPI rose +0.1% MoM and +2.2% YoY in August 2025, a slight pickup from +2.0% YoY in July, while HICP increased +0.1% MoM and +2.1% YoY. All measures were unchanged from the preliminary estimate.

• Energy prices fell -2.4% YoY, with declines in heating oil (-5.2%), solid fuels (-3.5%), electricity (-1.7%), and district heating (-1.6%), partly offset by natural gas (+0.7%).

• Food prices rose +2.5% YoY, faster than headline inflation, with sharp increases in fruit (+7.1%), confectionery (+6.9%), dairy & eggs (+3.2%), and meat (+2.9%); edible oils (-1.3%) and vegetables (-1.1%) declined.

• Core inflation (ex food and energy) held at +2.7% YoY, unchanged from June and July, showing persistent underlying pressures.

• Service prices increased +3.1% YoY, led by passenger transport (+11.1%), social facilities (+8.1%), in-patient health services (+6.5%), and insurance (+6.4%); only international flights (-8.2%) declined notably.

• Goods prices rose +1.3% YoY, with non-alcoholic beverages (+8.7%, coffee/tea/cocoa +18.5%) and used cars (+7.2%) notable drivers; electronics (-2.8%) and IT equipment (-2.4%) fell.

• On a monthly basis, energy was -0.4% MoM (heating oil -4.1%), food was flat (+0.1%), and beverages rose +3.1%, continuing their upward trend since late 2024.