Ekonomické zprávy
30.07.2024

Germany’s annual CPI unexpectedly increases 2.3 per cent in July

Germany's Federal Statistical Office (Destatis) announced on Tuesday the country’s consumer price index (CPI) is estimated to rise 0.3 per cent m-o-m in July, after rising 0.1 per cent m-o-m in June. That would be the strongest monthly gain in the index in three months. 

On a y-o-y basis, Germany’s CPI is seen to increase 2.3 per cent in July, following a 2.2 per cent advance in the previous month.

Economists had forecast CPI would increase by 0.2 per cent m-o-m and by 2.2 per cent y-o-y in July.

According to the report, energy prices fell by 1.7 per cent y-o-y this month, following a drop of 2.1 per cent y-o-y in June. Meanwhile, the food prices climbed 1.3 per cent y-o-y after a surge of 1.1 per cent y-o-y in the previous month. The services costs soared by 3.9 per cent y-o-y, the same pace as in the previous month.

The harmonized index of consumer prices for Germany (HICP), which is calculated for European purposes, is estimated to jump by 0.5 per cent m-o-m and by 2.6 per cent y-o-y. Economists had foreseen gains of 0.4 per cent m-o-m and 2.5 per cent y-o-y for July. In June, the German HICP increased by 0.2 per cent m-o-m and 2.5 per cent y-o-y.

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