In July, inflationary pressure eased slightly in Germany

By: Trademagazin Date: 2022. 08. 10. 11:52

In July, according to expectations, the inflationary pressure in Germany eased slightly, according to the Wednesday report of the German Federal Statistical Office, Destatis. Inflation continues to be driven by rising energy and food prices.

Inflation in Germany decreased from 7.6 percent in June to 7.5 percent, the same as the preliminary value, according to the final data of Destatis. In May, the rate of annual increase in consumer prices was still 7.9 percent.

Compared to the previous month, consumer prices also increased by 0.9 percent in July, corresponding to the preliminary value, after the monthly price increase of 0.1 percent in June.

The harmonized consumer price index calculated for EU comparison purposes (HICP) was 8.5 percent on an annual basis in July, the same as the preliminary value. In June, the German HICP was 8.2 percent on an annual basis. On a monthly basis, the EU harmonized consumer price index was 0.8 percent in July, after minus 0.1 percent in June.