Germany's CPI inflation rate 2.3% in Jul; consumer prices up 0.3% MoM

The rate of change was 2.2 per cent year on year (YoY) in June and 2.4 per cent YoY in May.

"Decreases in energy prices, in particular, are having a dampening effect on the rate of inflation," said Destatis president Ruth Brand.

Consumer prices were up by 0.3 per cent month on month (MoM) in July.

The prices of energy products in July declined by 1.7 per cent year on year (YoY; the decline was 2.1 per cent in June.

Excluding energy prices, the inflation rate stood at 2.7 per cent in July. The inflation rate excluding food and energy, often referred to as core inflation, was 2.9 per cent in the month.

The YoY change in the consumer price index excluding food and energy therefore remained just below the 3-per cent mark.

Both rates have notably exceeded overall inflation since January 2024, thereby demonstrating that inflation remained above average in other important product groups, a Destatis release said.

Total goods prices increased by 0.9 per cent between July 2023 and July 2024, and were therefore, markedly below overall inflation.

The prices of clothing increased by 4 per cent YoY in the month.

The consumer price index rose by 0.3 per cent month on month (MoM) in July.

ALCHEMPro News Desk (DS)