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Economic inflation in Germany is expected to reach a level of +8.7% in January 2023. The data is measured as a change from the CPI compared to January in 2022. Based on the results data so far from Destat, it is reported that the average consumer price increased by 1.0% in December 2022. In this high impact forex report, we summarize information from Destatis.com website. To find out more, see the information below. The consumer price index in Germany was revised as part of the regular process and the base year was moved to 2020 as a reference for January 2023. Currently, a new basis is used to calculate provisional results for January 2023.
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The revised data requires more extensive adjustments from the IT processes used to calculate the results. In the programming process, unexpected technical problems arise during processing. Therefore, the release of data on the consumer price index needs to be temporarily postponed for January 2023, which was previously scheduled for January 31, 2023. This information only provides the first results of the consumer price index and the consumer index. Federal rate prices, as usual when the base period changes. The results for each product or Lander cannot be announced at this time.
More information regarding the revision of consumer price statistics:
Based on data since January 2023, the CPI has been changed from 2015 to 2020. In this context, the results from January 2020 onwards are recalculated. Results for the previous period based on 2015 will only be converted to the 2020 base year. The final results for January 2023 and all recalculated results from January 2020 onwards using the new 2020 base year will be published by the Federal Statistical Office on February 22, 2023. Comprehensive additional information on the revision will also be released at that time. Information on the revision especially for users of the consumer price index in the stable value clause is available under "Umbasierung und Wertsicherungsklauseln" on the theme page "Consumer price index" available on the website of the Federal Statistical Office.
Methodology note:
The consumer price index (CPI) and the harmonized consumer price index (HICP) differ in scope and methodology. In contrast to the HICP, the CPI also includes household spending on owner-occupied housing, games of chance, and broadcasting costs. In addition, the weight of HICP products is updated annually. Because housing weighs much less in the HICP basket, price increases in other product groups have a greater impact on HICP than on CPI.
That's the explanation of "German inflation, February 9, 2023". Also read our other articles, such as an explanation of how to buy cryptocurrencies, only in the GIC Journal. Keep updating other news through the GIC Journal every day to find out more information. Trade on GIC using an ECN account to enjoy trading with low spreads starting from zero!
