German inflation slowed in June, but food prices are still rising

By: Trademagazin Date: 2024. 07. 01. 11:48

Inflation in Germany slowed down in June, according to the Monday report of the German Federal Statistical Office, Destatis, based on preliminary data.

In June, the consumer price index exceeded a year earlier by 2.2 percent. One month earlier, in May, inflation stood at 2.4 percent in Germany. The analyst consensus was 2.3 percent for June.
On a monthly basis, after May, the consumer price index also increased by 0.1 percent in June, falling short of the 0.2 percent increase expected by analysts.

In Germany, energy prices fell by 2.1 percent in June compared to a year earlier, after a smaller decrease of 1.1 percent in May, while food prices rose at an accelerating pace, by 1.1 percent on an annual basis, following a 0.6 percent rise in May. The price of services increased by 3.9 percent in both May and June.

Core inflation, calculated without the often volatile energy and food prices, was 2.9 percent in June, the lowest since February 2022, following May’s 3.0 percent.

The increase in the HICP harmonized consumer price index, calculated for EU comparison purposes, decreased to 2.5 percent on an annual basis in June from 2.8 percent in May, and on a monthly basis it was the same 0.2 percent as in May.

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