- Consumer prices rose by 2.3 percent in July
Consumers in Germany had to spend an average of 2.3 percent more for goods and services in July compared to the previous year. The Federal Statistical Office has confirmed its preliminary figures. In June, the inflation rate was still 2.2 percent.
Services in particular became more expensive by 3.9 percent in the past year, which was also influenced by higher wage agreements. The 1.7 percent cheaper energy prices had a dampening effect. Food was 1.3 percent more expensive than a year ago, with the price increase in this segment accelerating to 1.1 percent in the previous month.
Notification Destatis Consumer Prices 7/2024 Details
The average price increase for goods and services in July was a 2.3% increase from the previous year, contributing to the overall consumer price rise. The price of services, specifically, saw a significant increase of 3.9% over the past year.
