Financial News: German Inflation Slows As Estimated

German Inflation Slows As Estimated

(RTTNews) - Germany's inflation slowed to a four-month low in June, as initially estimated, final data from Destatis showed Friday.

Consumer price inflation came in at 2.3 percent in June, slower than May's 2.6 percent. This was the lowest rate since February and matched the estimate published on June 30.

Similarly, EU harmonized inflation weakened to 2.4 percent, in line with estimate, from 2.7 percent a month ago.

"Energy prices continued to increase at an above-average rate as a result of the Iran war and therefore remained a key driver of inflation," Destatis President Ruth Brand said.

"However, the rise in energy product prices was less pronounced than in the previous month, which had a dampening effect on the rate of inflation," Brand added.

Core inflation that excludes prices of food and energy held steady at 2.5 percent in June.

On a monthly basis, consumer prices dropped 0.3 percent in June after falling 0.2 percent in May. The harmonized index of consumer prices slid 0.2 percent following a 0.1 percent fall. Both rates came in line with estimates.

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