Germany's July inflation rate is confirmed to be 2.3%

Germany's annual inflation rate for 2024/7 rose to 2.3% from 2.2% the previous month, which was in line with the advance forecast.

Driven by rising costs of edible fats, sugar, jam, honey, and other confectionery products, the rate of increase in food prices accelerated (1.3% compared to 1.1% in June).

Meanwhile, the inflation rate in the service sector remained strong at 3.9%, and the pace of decline in energy costs slowed down (1.7% compared to 2.1% decrease).

On a monthly basis, CPI rose 0.3%, the biggest increase in the past 3 months, following a 0.1% increase in the previous 2 months.

Also, the EU standard CPI rose 2.6% from the same month last year and rose 0.5% from the previous month, rising from 2.5% and 0.2%, respectively.

Source: Federal Statistical Office