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Inflation in Germany accelerated to 8.5% in July


August, 10 2022
watermark Economic news

According to the final data of the German Federal Statistical Office, consumer prices harmonized with EU standards increased by 8.5% in annual terms in July. On a monthly basis, prices increased by 0.8%. The dynamics of both indicators coincided with the preliminary forecasts of analysts. 


In June, consumer prices in Germany increased by 8.2% year-on-year and decreased by 0.1% compared to May.


Consumer prices, calculated only by German standards, rose 7.5% year-on-year in July after rising 7.6% a month earlier. On a monthly basis, inflation accelerated by 0.9% after rising by 0.1% in June. 


Experts still call the rise in the price of energy carriers the main reason for the increase in inflation – they increased in price by 35.5% in annual terms after an increase of 38% in June. Food prices rose by 14.8%. Excluding these two categories of goods, consumer prices increased by 3.2% year-on-year.


The Federal Government is trying to relieve people with the help of a 9 euro ticket for local public transport (ÖPNV) introduced in early June and a reduction in the energy tax on gasoline (fuel discount). In addition, from July 1, electricity consumers no longer have to pay a subsidy for «green» electricity through an electricity bill (EEG levy).


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.