Germany's CPI-based inflation rate slightly down to 7.6% in Jun 2022

14 Jul '22

2 min read

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The consumer price index (CPI)-based inflation rate in Germany stood at 7.6 per cent in June this year compared to 7.9 per cent in May. “The main reasons for the high inflation still are price rises for energy products. The 9-euro ticket and the fuel discount had a slight downward effect on the overall inflation rate in June 2022”, said Georg Thiel, president of the Federal Statistical Office.

The office (Destatis) reported that consumer prices in June 2022 were up by 0.1 per cent over May.

The increase in prices of all energy products caused by the situation of war and crisis is, however, still a major factor determining the inflation rate. Additional factors are still delivery bottlenecks due to interruptions in supply chains, also caused by the COVID-19 pandemic, and marked price increases at upstream stages in the economic process.

This led to price rises not only for energy products, but also for other goods and services, especially many food products again, Destatis said in a release.

Energy product prices in June this year were 38 per cent higher than in the same month a year earlier, following a 38.3 per cent increase in May 2022. When the reduction of the mineral-oil tax took effect in June 2022, the increase in motor fuel prices slowed.

The increase in energy product prices was markedly higher than the overall inflation rate despite the relief measures as it is influenced by several factors.

Prices of goods (total), which also include energy products and food, also rose considerably in June year on year.

ALCHEMPro News Desk (DS)

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