Consumer prices - Inflation rate weakens slightly to 1.8 percent
Consumer prices in Hessen have increased by 1.8 percent in June 2024 compared to the same month of the previous year. The inflation rate in May and April 2024 was each at 1.9 percent. The increase in June was dampened by the price development of energy products, as the Statistical Office in Wiesbaden reported. In the previous year, energy prices had decreased by 4.7 percent in June, with natural gas being significantly cheaper (-15.8 percent).
However, prices for heating oil (plus 46.3 percent) and heating oil (plus 9.5 percent) rose significantly more than in June 2023, according to the Office. Diesel fuel became 4.1 percent more expensive in the same period, while super gasoline became 2.0 percent cheaper. Electricity prices rose by 12.6 percent in June compared to the previous year.
Compared to the previous month, consumer prices rose slightly by 0.1 percent in June. According to statistics, fuel (-2.8 percent) and clothing (-0.8 percent) were cheaper than in May 2024. However, packaged tours (+5.0 percent) and overnight stays (+3.4 percent) were more expensive. Foodstuffs were on average 0.8 percent more expensive in the same period. The results for June 2024 are currently preliminary.
In Hesse, specifically Wiesbaden, the consumer price increase of 1.8% in June 2024 was lower than the previous year's 4.7% decrease, mainly due to the drop in energy prices which was particularly noticeable for natural gas (-15.8%). Contrasting this trend, prices for heating oil and diesel fuel significantly increased in June 2024 compared to the previous year. The inflation rate in Hesse, as reported by the Consumers, saw a minor increase of 0.1% in June 2024 from the previous month, with electricity prices rising by 12.6%.
