Germany Inflation July 2022

Germany

Germany: Harmonized inflation increases in July

August 10, 2022

Harmonized consumer prices increased 0.85% in July over the previous month, swinging from June's 0.17% fall. The print came on the back of a notable increase in the prices for food and non-alcoholic beverages, recreation and culture amid the summer holiday season, and gas. On the other hand, transport prices dropped over the month thanks to government efforts: A fuel discount saw a marked drop in motor fuels prices.

Harmonized inflation ticked up to 8.5% in July, following June’s 8.2%. Harmonized inflation continued to be driven by higher prices for energy. Annual average harmonized inflation rose to 6.3% in July (June: 5.8%).

FocusEconomics panelists project average inflation of 7.4% in 2022, which is up 0.7 percentage points from last month’s forecast, and 3.7% in 2023.


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Germany Inflation July 2022 0

Note: Annual and monthly variation of harmonized index of consumer prices in %.
Source: Federal Statistics Office (Destatis) and FocusEconomics calculations.


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