German Inflation Slows In June
Germany’s consumer price inflation eased in June for the first time in six months, latest data from Destatis confirmed Tuesday.
The consumer price index rose 2.3 percent year-on-year following a 2.5 percent increase in May, which was the highest rate in nearly a decade.
Energy inflation eased to 9.4 percent from 10.0 percent. Destatis said the year-on-year increases in energy product prices had a clear upward effect on the inflation rate. Excluding energy prices, the inflation rate was 1.6 percent in June.
Food inflation slowed to 1.2 percent from 1.5 percent. Services costs rose 1.6 percent after a 2.2 percent climb in the previous month.
Compared to the previous month, the CPI rose 0.4 percent in June after a 0.5 percent increase in May. Energy prices rose 0.4 percent, while food prices declined at the same pace.
The harmonized index of consumer prices, which is meant for EU comparison, rose 2.1 percent year-on-year after a 2.4 percent climb in the previous month.
On a month-on-month basis, the HICP rose 0.4 percent in June. All preliminary estimates were thus confirmed.