Germany’s annual inflation rate was 2.3 per cent in July, up from 2.2 per cent in June, according to the federal statistics office Destatis.
While lower energy prices were having a dampening effect on inflation, service price growth was above average, Destatis head Ruth Brand stated.
Energy prices fell by 1.7 per cent year-on-year in July 2024, whereas food prices rose by 1.3 per cent.
Excluding energy prices, the inflation rate in July 2024 was 2.7 per cent. Meanwhile, service prices rose 3.9 per cent year-on-year in July.
On a monthly basis, consumer prices rose 0.3% in July.
