German Inflation Fell in June
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
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 email@example.com
(END) Dow Jones Newswires
June 29, 2022 08:28 ET (12:28 GMT)
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