German inflation accelerated in July

By: Trademagazin Date: 2024. 07. 31. 11:09

Inflation in Germany accelerated in July, according to a Tuesday report based on preliminary data by the German Federal Statistical Office, Destatis.

In July, the consumer price index was 2.3 percent higher than a year earlier. One month earlier, in June, inflation stood at 2.2 percent in Germany. The analyst consensus also included a figure of 2.2 percent for July.

On a monthly basis, the consumer price index increased by 0.3 percent in July, also exceeding the 0.2 percent increase expected by analysts. A month earlier, in June, the consumer price index rose by 0.1 percent in a monthly comparison.
In Germany, energy prices fell by 1.7 percent in July compared to a year earlier, after having fallen by a larger 2.1 percent in June, while food prices rose at an accelerating pace, by 1.3 percent on an annual basis, following a 1.1 percent rise in June. The price of services increased by 3.9 percent in both June and July.
The annual core inflation, calculated without the often volatile energy and food prices, stood at 2.9 percent in July after June.

The rate of increase in the HICP harmonized consumer price index calculated for EU comparison purposes rose to 2.6 percent on an annual basis in July from 2.5 percent in June, and on a monthly basis it was 0.5 percent after the 0.2 percent registered in June.