Germany: Inflation Rises to 2.4% in July
The cost of services is rising while energy prices are falling
Germany’s annual inflation rate rose to 2.3% in July, up from 2.2% recorded in the previous month. Ruth Brand, president of the German Federal Statistical Office (Destatis), told a briefing that “the seasonal decline in energy prices is keeping inflation in check, while we continue to see above-average price increases for services.”
Compared to June, consumer prices in Germany rose 0.3 percent in July. At the same time, energy has gotten a little cheaper, with July recording an average price decrease of 1.7% compared to the same month last year.
Brand specified that in the first seven months of 2024, energy prices for domestic consumption fell by 3.6% compared to the same period in 2023, while fuel in general also became cheaper by 0.4%.
Finally, food prices in Germany rose by 1.3% in July 2024 compared to the same month of the previous year, a development that points to a worrying upward trend.
