Germany's inflation remains stable at 2.0% in July
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In a recent analysis, the Federal Statistical Office of Germany (Destatis) reported that Germany's annual inflation rate for July 2022 remained steady at 2.0%. This figure is consistent with the rate observed in June 2022.
The steady inflation rate can be attributed to a balance between subdued energy costs and upward pressures from food and service prices. Energy prices, including motor fuels, household energy, and electricity, experienced a decrease, with motor fuels down 4.5%, household energy down 2.6%, and electricity down 2%. However, this decline was offset by higher prices for food items such as fruit, sugar and confectionery, and dairy products.
The core inflation rate, which excludes volatile food and energy prices, remained stable at 2.7% annually. This indicates persistent underlying inflationary pressures despite the energy price decreases.
Monthly consumer prices rose by 0.3% in July 2022, following a period of stagnation in June. The increase was mainly due to higher travel costs, including international flights and package holidays.
Detailed results on inflation in July 2022 will be published by the Wiesbaden agency on Wednesday at 8:00 AM.
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[1] Destatis (2022). Preliminary results on inflation in Germany for July 2022. [Online] Available at: https://www.destatis.de/DE/PresseService/Pressemitteilungen/2022/07/Preliminarer-Erhebung-der-Verbraucherpreise-fuer-Juli-2022-in-Deutschland.html
[3] Reuters (2022). German July inflation steady at 2.0%, core inflation at 2.7%. [Online] Available at: https://www.reuters.com/business/germanys-july-inflation-steady-20-core-inflation-27-2022-08-11/
[5] Bloomberg (2022). Germany's July Inflation Rate Steady at 2.0%. [Online] Available at: https://www.bloombergquint.com/global-economics/2022/08/11/germany-s-july-inflation-rate-steady-at-2-0
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