Germany: Inflation rises in July from June
Latest reading: Harmonized consumer prices rose 2.8% in annual terms in July, up from 2.4% in June and marking the highest inflation rate since April. The increase was largely driven by a sharp rise in energy inflation, as renewed tensions in the Middle East pushed oil prices higher and the government’s fuel tax rebates came to an end.
Relative to the previous month’s figures, price pressures were higher for transportation in July (+7.5% on a year-on-year basis vs +4.8% in June). In contrast, there were milder price pressures for food and non-alcoholic beverages (+0.6% vs +0.8% in June), recreation (+1.6% vs +1.9% in June) and restaurants and hotels (+2.9% vs +3.1% in June). Finally, the variation in housing and utilities prices was the same as in the prior month (+0.7% in July and June).
Meanwhile, consumer prices increased 2.8% in July, following a 2.3% increase in the previous month.
Finally, harmonized consumer prices increased 0.86% in July in month-on-month terms, following a 0.21% fall in the previous month.