According to the German Federal Statistical Office (Destatis), consumer prices harmonized with EU standards increased by 8.5% in annual terms in July. Thus, the inflation rate in the country accelerated compared to 8.2% in June. Analysts had expected inflation to slow to 8.1%.

On a monthly basis, consumer prices rose 0.8% in July after a 0.1% decline in June. Experts on average predicted their growth by 0.4%.

Consumer prices, calculated only by German standards, increased by 7.5% y/y and 0.9% m/m. Analysts expected prices to rise by 7.4% and 0.6%, respectively. In June, the growth was 7.6% and 0.1%.

In particular, the cost of energy in Germany increased by 35.7% y/y (38% in June), food prices rose by 14.8% (12.7% in June), services – by 2% (2.1% in June).