Retail

Germany's June 2024 CPI inflation rate 2.2%

13 Jul '24

2 min read

Germany's Jun 2024 CPI inflation rate 2.2%

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The CPI inflation rate in Germany was 2.2 per cent in June, official data show. In May, the rate was 2.4 per cent, and 2.2 per cent in both April and March.
Compared with May this year, consumer prices were up by 0.1 per cent in June.
Excluding energy prices, the rate was 2.7 per cent in June. Core inflation (excluding food and energy) stood at 2.9 per cent.

The consumer price index(CPI)-based inflation rate in Germany was 2.2 per cent in June this year, according to the Federal Statistical Office (Destatis). In May, the rate was 2.4 per cent, and 2.2 per cent in both April and March.

Compared with May this year, consumer prices were up by 0.1 per cent in June.

“Energy and food prices have had a dampening effect on overall inflation since the beginning of the year,” said Destatis president Ruth Brand in a release.

The prices of energy products in June declined by 2.1 per cent year on year (YoY) and by 1.1 per cent month on month (MoM).

Excluding energy prices, the inflation rate was 2.7 per cent in June. The inflation rate excluding food and energy (core inflation), stood at 2.9 per cent and was below the 3-per cent mark for the first time since February 202, when it was 2.8 per cent.

The YoY change in the consumer price index excluding food and energy was 3 per cent in April and May 2024.

Total goods prices increased by 0.8 per cent between June 2023 and June 2024 and were, therefore, markedly below overall inflation.

The prices of non-durable consumer goods also rose by 0.8 per cent and the prices of durable consumer goods were up 0.6 per cent.

The footwear sector saw a price increase of 4.5 per cent.

Fibre2Fashion News Desk (DS)

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