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German inflation tame
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October 22, 1999: 7:18 a.m. ET
Boost in September producer prices of 0.1% is below estimates
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LONDON (CNNfn) - German producer price data released Friday came in below expectations, underlining the continued benign inflation backdrop in Europe's biggest economy.
Prices at the factory gates in September rose 0.1 percent month-on-month, below the market consensus of a 0.2 percent rise. The annual rate slipped 0.5 percent, while economists had expected PPI to come in 0.4 percent lower.
The data showed inflation continued to decline at a slower rate during September compared to previous months and was largely boosted by higher oil prices, the German Federal Statistics Office said.
The price of crude was 23 percent higher in September than a year earlier and up 3.5 percent from August. Stripping out that volatile number left PPI down 0.1 percent from August and 1.4 percent from a year earlier, according to the Federal Statistics Office.
Food prices, the other main volatile component of the index, fell heavily. Prices for major products, such as butter and coffee, declined by 14 percent.
The figures came ahead of preliminary data for October, which six of Germany's largest states were due to release Monday.
-- from staff and wire reports
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