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11.07.2024

German consumer price growth slowed in June

According to the final report from the Federal Statistical Office (Destatis), in June, consumer prices rose by 2.2% per annum, as expected, after an increase of 2.4% per annum in May. On a monthly basis, consumer prices rose by 0.1% after a similar increase in May. Economists also expected an increase of 0.1%.

“Energy and food prices have had a dampening effect on overall inflation since the beginning of the year. By contrast, we continue to see above-average increases in service prices”, said Ruth Brand, President of the Destatis.

The data also showed that in June, energy prices fell by 2.1% per year after declining by 1.1% per year in May. The prices of both household energy (-3.0%) and motor fuels (-0.6%) were down year on year. Price reductions were recorded for firewood, wood pellets and other solid fuels (-13.7%), electricity (-6.3%), and natural gas (-4.3%). By contrast, the prices of some energy products were higher than a year earlier, for example district heating (+27.6%) and heating oil (+7.9%). Food prices rose by 1.1% per year after an increase of 0.6% per year in May. 

Meanwhile, the CPI excluding energy and food rose by 2.9% per year (the lowest value since February 2022), slowing compared to May (+3% per annum).

Destatis said that in June, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Germany with inflation in European countries - rose by 0.2% on a monthly basis and by 2.5% per annum. In May, HICP increased by 0.2% m/m and by 2.8% per annum.

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