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German inflation confirmed at 1% in August

German annual harmonized inflation decelerated to 1.0% in August from 1.1% in July, dropping further below the European Central Bank's eurozone target of just below 2%, the Federal Statistical Office confirmed.

On a monthly basis, harmonized consumer prices fell 0.1% in August.

In nonharmonized terms, annual consumer price inflation decelerated to 1.4% in August from 1.7% in July. Energy product prices gained 0.6% in August year over year, lower than the 2.4% increase a month ago.

Prices of clothing and footwear were up 1.3% in annual terms during August, lower than the 3.6% growth in July. Housing, water, electricity, gas and other fuels prices increased by 1.7% annually in August, slower than the 1.9% growth recorded in the previous month.

Month over month, nonharmonized consumer prices declined 0.2% in August, led by a 1% drop in energy prices.