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Financial News: German Inflation Confirmed At 2.4%

German Inflation Confirmed At 2.4%

06/12/2024 - 02:40:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation increased for the first time in five months in May, as initially estimated, according to final data from Destatis revealed Wednesday.

Consumer price inflation rose to 2.4 percent in May from April's stable growth of 2.2 percent, which was the lowest rate in three years. That was in line with the flash data published earlier.

On the other hand, EU-harmonised inflation climbed to 2.8 percent from 2.4 percent, as estimated.

During May, service costs had an upward effect on overall inflation, while price rises were curbed by lower costs for food and energy.

The prices of services grew 3.9 percent annually in May, faster than the 3.4 percent rise a month ago. Meanwhile, energy product prices continued to fall by 1.1 percent.

Food prices rose only 0.6 percent, which was significantly below the overall inflation rate. Prices declined in the categories of dairy products and fresh vegetables, while an increase was seen for edible fats and oil.

On a monthly basis, consumer prices edged up 0.1 percent in May, and the HICP also climbed by 0.2 percent. There was no change in figures compared to the initial estimate.

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