Financial News: German Inflation Accelerates In July

German Inflation Accelerates In July

(RTTNews) - Germany's inflation accelerated as estimated in July as the end of government's fuel tax pushed up energy prices, final data from Destatis showed Wednesday.

Consumer prices grew 2.8 percent year-on-year in July, faster than the 2.3 percent increase seen in June. The rate was the highest since April when inflation stood at 2.9 percent.

The statistical office confirmed the provisional estimate published on July 30.

Likewise, EU harmonized inflation accelerated to a three-month high of 2.8 percent in July, as estimated, from 2.4 percent in June.

Month-on-month, the consumer price index moved up 0.8 percent, in contrast to the 0.3 percent fall in June.

The harmonized index of consumer prices rebounded 0.9 percent, following a 0.2 percent fall in June. This was the first increase in three months. Both CPI and HICP figures matched the preliminary estimates.

"Energy prices continued to increase at an above-average rate and therefore remained the key driver of inflation," Ruth Brand, President of the Federal Statistical Office said.

Brand noted that motor fuel prices increased appreciably due to the discontinuation of the government fuel discount on June 30, which coincided with the increase in the price of oil as a result of the ongoing Iran war.

The prices of energy products were 8.3 percent higher than in July 2025.

Core inflation that excludes food and energy prices eased marginally to 2.4 percent from 2.5 percent in June.

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