German inflation accelerates as estimated
The Federal Statistical Office (Destatis) released its final data on Germany's consumer price inflation for June.
According to the data, German consumer prices rose 1.7 percent y-o-y in June, matching the preliminary estimate and following a 1.6 percent y-o-y gain in May. That was the highest inflation rate since April, mainly boosted by rising energy prices, which demonstrated a 0.9 percent y-o-y surge in July after flat performance in June. Meanwhile, food inflation slowed marginally to 2.7 percent y-o-y this month from 2.8 percent y-o-y a month ago.
On a monthly basis, consumer prices rose 0.4 percent, in line with the flash estimate and following a 0.2 percent rise in June.
The harmonized index of consumer prices (HICP) for Germany, which is calculated for European purposes, increased in July by 1.5 percent y-o-y and by 0.4 percent m-o-m, as estimated initially.