German Consumer Prices Rose in June, Confirming Preliminary Data -- Update
July 14 2020 - 3:13AM
Dow Jones News
--German consumer prices in June rose 0.6% month-on-month
measured by national standards and 0.7% by EU-harmonized
standards
--The consumer price increase was driven by a rise in food and
drinks prices
--Consumer prices were up 0.9% year-on-year by national
standards and 0.8% on year by EU-harmonized standards
By Maria Martinez
German consumer prices rose in June, driven by a rise in food
and drinks prices and confirming preliminary data, German
statistics agency Destatis said Tuesday.
Consumer prices in June rose 0.6% month-on-month measured by
national standards and 0.7% by European Union-harmonized standards,
Destatis said. Both increases were in line with the forecasts of
economists polled by Dow Jones Newswires.
Consumer prices were up 0.9% year-on-year on a national basis,
in line with the forecasts of economists polled by Dow Jones
Newswires.
Prices in Germany increased 0.8% on year by EU-harmonized
standards. According to the Eurostat early estimate, the inflation
rate in the eurozone was 0.3% in June. The EU-harmonized consumer
price index for the eurozone will be released on July 17.
Food prices increased above average, rising 4.4% year-on-year.
Prices were up in particular for fruit and for meat and meat
products, while the prices of edible fats and oils declined. A
notable price increase of 6.2% was observed in tobacco products and
newspaper prices went up 4.5%.
The continuing fall in energy prices slowed in June due to the
rise in oil prices on the world market, Destatis says. Energy
prices in June contracted 6.2% year-on-year, following a 8.5%
decrease in May.
"The marked year-on-year decrease in energy product prices had a
downward effect on the inflation rate," Destatis said.
Excluding energy prices, the inflation rate would have been 1.6%
in June and excluding the prices of energy and food, it would have
been 1.3%.
The prices of services rose by an above-average 1.4% in June
compared with the same month a year earlier, Destatis says. After
coronavirus restrictions eased, consumers were able to purchase
more services but higher prices had to be paid for hairdresser
services and other services for personal care, as well as for
visits to restaurants or cafes.
One reason for the price increase in services was likely the
implementation of hygienic measures in the reopening during the
coronavirus pandemic, Destatis said.
Write to Maria Martinez at maria.martinez@wsj.com
(END) Dow Jones Newswires
July 14, 2020 02:58 ET (06:58 GMT)
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