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Inflation Trends in Germany: July Update
In July, Germany experienced a rise in inflation rates, primarily attributed to increased costs for food and services, as confirmed by the Federal Statistical Office (Destatis) in a recent report. This aligns with preliminary data released earlier.
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Consumer Price Index Insights
The consumer price index saw an annual increase of 2.3% in July, up from 2.2% in June. This upward trend is largely due to the drop in energy prices, while service costs remain elevated, according to Ruth Brand, the president of Destatis.
Month-to-month, consumer prices rose by 0.3%, consistent with earlier projections. Energy prices fell by 1.7% in July, following a decrease of 2.1% in June. In contrast, food prices increased by 1.3%, and service prices jumped by 3.9%.
Core Inflation and Economic Outlook
Core inflation, which excludes volatile items like energy and food, stabilized at 2.9% in July. According to harmonized standards used across the European Union, Germany’s annual inflation rate climbed to 2.6% in July, up from 2.5% in June. The month-over-month inflation rate also increased to 0.5%, up from 0.2%.
A recent study by the Ifo Institute indicates that fewer German companies plan to raise prices compared to the previous month. Timo Wollmershaeuser, the director of forecasts at Ifo, suggested that this trend could lead to a gradual decline in the inflation rate, potentially falling below the 2% threshold in August for the first time since March 2021.
Preliminary data from Eurostat has also shown that the annual inflation rate in the eurozone was 2.6% in July, up from 2.5% in June. This figure is significantly lower than the peak of 10.6% recorded in October 2022 and is gradually moving closer to the European Central Bank’s target of 2%.
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