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Financial News: Germany June Inflation Confirmed At 0.9%

Germany June Inflation Confirmed At 0.9%

07/14/2020 - 03:14:00 (RTTNews)

(RTTNews) - German inflation rebounded from a 45-month low in June, latest data from Destatis confirmed on Wednesday.

Consumer price inflation climbed to 0.9 percent in June from 0.6 percent in May, which was the lowest since September 2016.

On a monthly basis, consumer prices gained 0.6 percent in June, after a 0.1 percent fall in May.

Inflation, based on the EU measure of harmonized index of consumer prices, accelerated to 0.8 percent from 0.5 percent in May.

Compared to the previous month, the HICP gained 0.7 percent after remaining unchanged in May.

All preliminary estimates released on June 29 were thus confirmed. On a year-on-year basis, energy prices fell 6.2 percent, which was slower than the 8.5 percent slump in the previous month, as oil prices recovered in the global market. Heating oil prices decreased 26.5 percent and prices of motor fuels fell 15.1 percent. Electricity prices rose 4.1 percent. Food prices increased 4.4 percent, led by higher prices for fruit and meat.

Notable price rises were observed for tobacco products as well as newspapers and periodicals, while price decreases were recorded for information processing equipment. Excluding energy product prices, the inflation rate would have been 1.6 percent in June and excluding the prices of energy products and food, the rate would have been just 1.3 percent.

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