Notizie economiche
29.05.2024

Germany’s annual CPI soars 2.4 per cent in May

Germany's Federal Statistical Office (Destatis) announced on Wednesday the country’s consumer price index (CPI) is estimated to edge up 0.1 per cent m-o-m in May after jumping 0.5 per cent m-o-m in April. That would be the weakest monthly advance in the index since December 2023 (+0.1 per cent m-o-m). 

On a y-o-y basis, Germany’s CPI is seen to soar 2.4 per cent in May, following a 2.2 per cent climb in the previous month. That would represent the first rebound in annual inflation in five months and mark the strongest annual increase since February (+2.5 per cent). 

Economists had forecast CPI would increase by 0.2 per cent m-o-m and by 2.4 per cent y-o-y in May.

According to the report, energy prices decreased by 1.1 per cent y-o-y this month, following a fall of 1.2 per cent y-o-y in April. Meanwhile, the food prices went up 0.6 per cent y-o-y after a rise of 0.5 per cent y-o-y in the previous month. The services costs surged by 3.9 per cent y-o-y, hastening from 3.4 per cent y-o-y in the previous month.

The harmonized index of consumer prices for Germany (HICP), which is calculated for European purposes, is estimated to increase by 0.2 per cent m-o-m and by 2.8 per cent y-o-y (the most since January (+3.1 per cent y-o-y)). Economists had forecast gains of 0.2 per cent m-o-m and 2.7 per cent y-o-y for May. In April, the German HICP climbed by 0.6 per cent m-o-m and 2.4 per cent y-o-y.

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