Germany: Inflation reaches highest level in more than one year
Consumer prices in Germany increased 0.5% over the prior month in May, contrasting April’s flat reading, according to data released by the Federal Statistics Office (Destatis) on 14 June. The result was driven by higher prices for energy and recreation and culture, while food prices rose marginally. Energy prices picked up chiefly due to a significant increase in the price of heating oil.
Inflation also increased and came in at 2.2%, which was up from 1.6% in April and marked the highest reading since February of last year. Meanwhile, annual average inflation inched up from 1.6% to 1.7%.
Finally, harmonized inflation (HICP) matched the headline inflation figure of 2.2% in May, up from 1.4% in the previous month.