By Maria Martinez

Germany's annual rate of inflation fell in June, as it took a respite due to temporary government interventions.

According to preliminary data released by German statistics office Destatis on Wednesday, consumer prices rose 7.6% on year measured by national standards, against the 8.0% forecast by economists in a Wall Street Journal poll. Consumer prices rose 7.9% in May, posting the highest reading since December 1973.

They rose 8.2% on year by European Union harmonized standards, below economists' forecast of 8.8%.

Since Russia's attack on Ukraine, energy prices have markedly increased and have had a considerable impact on the high rate of inflation, Destatis said. Energy prices rose 38.0% in June on year.

Food prices increased above average, posting a 12.7% on-year increase, Destatis said.

Other factors pushing inflation higher are supply-chain problems due to the Covid-19 pandemic and significant price increases as the economic recovery got under way, Destatis said.

Consumer prices rose 0.1% on month by national standards and fell 0.1% by EU-harmonized standards. Economists polled by The Wall Street Journal had expected prices to rise 0.5% on month by national standards and 0.4% by EU-harmonized standards.

Final results will be released on July 13.

Write to Maria Martinez at maria.martinez@wsj.com

(END) Dow Jones Newswires

June 29, 2022 08:28 ET (12:28 GMT)

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