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Germany Inflation July 2023

Germany: Headline and core inflation both recede in July

Harmonized inflation came in at 6.5% in July, down from June’s 6.8%, slightly undershooting market expectations. The deceleration was largely due to a lower rise in food and services prices. In addition, inflation excluding food and energy declined to 5.5% in July from 5.8% in the previous month, suggesting that weak domestic demand is having an effect on price pressures.

Annual average harmonized inflation edged down to 8.7% in July (June: 8.9%). Meanwhile, consumer price inflation edged down to 6.2% in July from June’s 6.4%.

Lastly, harmonized consumer prices rose by 0.48% from the previous month in July, accelerating from June’s 0.40% increase.

Inflation is set to continue declining through to the end of this year due to weak domestic demand and a high base effect resulting from last year’s surge in energy prices.

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