Germany: Harmonized inflation increases in July
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 Junes 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%).