Oil price drop keeps German prices stable

Consumer prices in Germany were unchanged in September from August, up 2

Consumer prices in Germany were unchanged in September from August, up 2.1 per cent from a year earlier, according to final figures from the Federal Statistics Office.

This is a fall from the increases of 2.6 per cent in July and August. The office suggested decreases in the price of oil products were keeping prices in check.

The consumer price index rose to 110 in September from 107.7 in September last year.

In August and July, the CPI index was each up 2.6 per cent year-on-year.

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Western German CPI climbed 2 per cent in September from August and was unchanged from August, and eastern German consumer prices rose 2.8 per cent and were also unchanged month-on-month.

The basket oil price used by OPEC to set its output nudged upward slightly but remained below 20 dollars, according to official figures today.

The basket price, based on an average of seven world crudes, stood at to 19.86 dollars today, its 13th straight trading day below the cartel's 22-dollar target floor. Yesterday the OPEC price had stood at 19.61.

An OPEC official said no announcement on any OPEC decision was expected today.

PA