Germany Inflation Rate Confirmed at 7.5% in July
Annual inflation rate in Germany was confirmed at 7.5% in July of 2022, slowing for the second straight month, from 7.6% in June, as the fuel relief package had a slight downward effect on the overall inflation rate since June.
The figure remained near a 40-year high mainly due to higher in energy prices, reflecting the impact of Russia’ invasion on Ukraine.
There was a slowdown in cost for energy (35.5% vs 38%) and services (2% vs 2.1%) but prices rose faster for food (14.8% vs 12.7%) and rents (1.7% vs 1.7%).
The prices of energy products rose sharply, especially for heating oil (102.6%), motor fuels (23.0%), and natural gas (75.1%).
On a monthly basis, consumer prices were up 0.9%, accelerating from a 0.1% growth in June.
The CPI, harmonized to compared with other European countries, was up 8.5% on the year and rose 0.8% month-on-month.
