Germany CPI Rose Year-on-Year In June

Germany CPI Rose Year-on-Year In June

Consumer prices in Germany were 2.1 percent higher in June 2018 than in June 2017.

According to the data released by The Federal Statistical Office (Destatis) inflation rate – measured by the consumer price index – thus was higher than two percent for the second consecutive month (May 2018: +2.2 percent).
Previously, an inflation rate of over two percent had been recorded in February 2017 (+2.2 percent).

Compared with May 2018, the consumer price index rose by 0.1 percent in June 2018. thus confirms its provisional overall results of 28 June 2018.

The development of energy product prices had a considerable effect on the inflation rate in June 2018.

The year-on-year increase in energy prices (+6.4 percent) was still higher than in May 2018: (+5.1 percent).

In particular heating oil prices rose from June 2017 to June 2018 (+30.3 percent), which was mainly due to the relatively low prices a year earlier (statistical base effect). Motor fuel prices, too, were up on a year earlier (+11.3 percent).

The price changes for the other energy products were much smaller (e.g. electricity: +1.2 percent; charges for central and district heating: +0.9 percent; gas: –1.6 percent).

Excluding energy prices, the inflation rate would have been +1.6 percent in June 2018.

Food prices rose above average (+3.4 percent) from June 2017 to June 2018. The inflation rate for food thus was over three percent for the third month in a row.

Price increases in June 2018 compared with the same month a year earlier affected all food groups. Prices were up on a year earlier especially for edible fats and oils (+14.4 percent, including butter: +26.1 percent).

Consumers paid markedly more also for fruit (+7.2 percent) and dairy products and eggs (+4.8 percent).

Excluding food and energy prices, the inflation rate would have been +1.4 percent in June 2018.