German inflation rose in June, interrupting a decline that had been steady since the beginning of the year. The consumer price index (CPI) stood at 6.4% in June, which represents a rise of three tenths above the figure for May. Harmonized consumer prices, used by Eurostat in its calculations to compare them with those of other European Union countries, rose 6.8% year-on-year in the month, the federal statistics office reported on Tuesday, confirming the data. preliminaries.
The year-on-year rise in German inflation in the middle of the second quarter is almost entirely due to the base effects of last year’s fuel cuts and a temporary reduction in rail fares.
In June 2022, in an attempt to counter rising energy prices, the German government cut fuel taxes and introduced a public transport ticket that allowed you to travel across the country for €9 per month, which caused a drop in inflation.
The rise in prices observed in June in Germany reflects the 3% year-on-year increase in energy, compared to 2.6% in May, while food registered an increase of 13.7%, below 14.9% of the previous month.
Thus, excluding energy prices, inflation stood at 6.7% in June, while leaving energy and food prices out of the calculation, underlying inflation was 5.8%, compared to to 5.4% in May.
On the other hand, in the month of June the prices of goods rose by 7.3% compared to the same month of the previous year, while services became more expensive by 5.3%.
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