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01.07.2024

Germany’s annual CPI rises 2.2 per cent in June

Germany's Federal Statistical Office (Destatis) reported on Monday the country’s consumer price index (CPI) is estimated to inch up 0.1 per cent m-o-m in June, the same pace as in May.

On a y-o-y basis, Germany’s CPI is seen to rise 2.2 per cent in June, following a 2.4 per cent soar in the previous month. 

Economists had predicted CPI would increase by 0.2 per cent m-o-m and by 2.3 per cent y-o-y in June.

According to the report, energy prices dropped by 2.1 per cent y-o-y this month, following a decrease of 1.1 per cent y-o-y in May. Meanwhile, the food prices surged 1.1 per cent y-o-y after a gain of 0.6 per cent y-o-y in the previous month. The services costs surged 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 advance by 0.2 per cent m-o-m and by 2.5 per cent y-o-y. Economists had expected increases of 0.2 per cent m-o-m and 2.6 per cent y-o-y for June. In May, the German HICP rose by 0.2 per cent m-o-m and 2.8 per cent y-o-y.

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