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Inflation in Germany accelerated to 6.8% in June


June, 29 2023
watermark Economic news

According to preliminary data from the German Federal Statistical Office, consumer prices in the country, harmonized with the standards of the European Union, increased by 6.8% in June compared to last year. 


Thus, inflation accelerated compared to 6.3% in May. The average forecast of analysts assumed a 6.7% price increase. In June, consumer prices also increased by 0.4% compared to the previous month, while in May they decreased by 0.2%.


Prices calculated only by German standards also rose in June – by 6.4% YoY after a 6.1% increase in May. 


Core inflation (excluding the cost of food and energy) also accelerated and amounted to 5.8%, compared with 5.4% in the previous month. Food prices rose by 13.7% (in May – by 14.9%), the cost of energy increased by 3% (2.6%), services – by 5.3% (4.5% in May).


The final data on the dynamics of inflation for May will be published on July 11.


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