Inflation was slightly decreased in June
The inflation rate has slightly decreased again in June. The Federal Statistical Office confirmed on Thursday its first estimation, which shows that consumer prices increased by 2.2 percent compared to the previous year. In May, the inflation rate was still 2.4 percent.
"Energy and food prices have been dampening the inflation rate since the beginning of the year," explained Ruth Brand, the President of the Federal Statistical Office. "On the other hand, we continue to observe above-average price increases for services." In comparison to May, prices in Germany therefore rose by 0.1 percent.
Energy products became cheaper, according to the data. Especially the prices for firewood and wood pellets decreased significantly in the annual comparison: by almost 14 percent. Straw was 6.3 percent cheaper, natural gas 4.3 percent. Benzine and diesel cost 0.6 percent less in June compared to the previous year. However, natural gas for heating was almost 28 percent more expensive, and light heating oil was about eight percent more expensive.
The prices for food overall rose slightly in June - the inflation rate remained below the overall inflation rate, as statisticians emphasized. Consumers had to pay significantly more for olive oil (plus 47 percent). Sugar, marmalade, and honey were about six percent more expensive than in June 2023. Milk products, on the other hand, were three percent cheaper.
The Central Bank should consider these recent inflation figures from June, as the rate decreased slightly from 2.4% to 2.2% compared to the previous year. To fully evaluate the impact of inflation on consumer prices, it's important to analyze the trends in various sectors, such as energy and food.
