Financial News: German Inflation Rises In July

German Inflation Rises In July

(RTTNews) - Germany's consumer price inflation rises in July, as initially estimated, on higher food and services cost, final data from Destatis revealed on Friday. The consumer price index posted an annual increase of 2.3 percent in July compared to 2.2 percent increase in June. The rate matched the preliminary estimate released on July 30.

Decreases in energy prices, in particular, are dampening inflation, Federal Statistical Office President Ruth Brand said. By contrast, services price inflation continues to remain above-average, said Brand.

On a monthly basis, consumer prices were up 0.3 percent, in line with the flash estimate, after a 0.1 percent gain.

Energy prices declined 1.7 percent in July, following a 2.1 percent drop in June. Meanwhile, food prices grew 1.3 percent.

At 2.9 percent, core inflation that excludes prices of food and energy was unchanged from the June rate and remained just below the 3 percent mark.

Data showed that prices of services were 3.9 percent higher than in previous year.

EU harmonized inflation accelerated to 2.6 percent from 2.5 percent. On month, the harmonized index of consumer prices moved up 0.5 percent after a 0.2 percent gain.

The statistical office confirmed both monthly and annual HICP rates for July.

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