weigh the costs of energy – Corriere.it
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German inflation accelerates in June. According to the final estimate, the inflation rate in Germany rose on an annual basis to 6.4% last month from 6.1% in May. The consumer price index increased by 0.3% compared to the previous month. This was announced by the German Statistical Institute. Both figures are in line with analysts’ expectations. The annual inflation rate in Germany therefore well above the European Central Bank’s target of around 2%. Inflation accelerated for energy (3% vs 2.6%), mainly due to last year’s low base effect, especially for solid fuels (26.6%), natural gas (20.8%), electricity (10.5%) and district heating (9.3%).
Inflation of goods and services
Services inflation also picked up (5.3% versus 4.5%), with rents rising 2% after a 1.9% increase in April. Overall goods inflation slowed to 7.3% from 7.7%, favored by a softer increase in the cost of food (13.7% against 14.9%), led by dairy products (22.3 %) and from bread and sugar, jam, honey and other sweets (19.4%). The harmonized consumer price index with respect to the other European countries rose by 6.8% on an annual basis and by 0.4% on a monthly basis.
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