Germany's Federal Statistical Office (Destatis) reported on Wednesday
the country’s consumer price index (CPI) is seen to edge up 0.1 percent m-o-m
in June after rising 0.9 percent m-o-m in May. This would be the softest
monthly advance in seven months.
On the y-o-y basis, Germany’s CPI is anticipated to surge 7.6 percent in
June, following a 7.9 percent increase in the previous month that was the record
one.
Economists had foreseen inflation would increase 0.3 percent m-o-m and 8.0
percent y-o-y in June.
According to the report, the energy prices increased 38.0 percent y-o-y
this month, slowing slightly from 38.3 percent y-o-y in May, while services costs
increased 2.1 percent y-o-y, deteriorating from 2.9 percent y-o-y in the previous month. At the same time, food prices jumped
12.7 percent y-o-y in June, accelerating from 11.1 percent y-o-y in May.
Meanwhile, the harmonized index of consumer prices for Germany (HICP),
which is calculated for European purposes, is seen to slip 0.1 percent m-o-m (the
first drop since November 2020) but to rise 8.2 percent y-o-y. Economists had predicted
the advances of 0.4 percent m-o-m and 8.8 percent y-o-y.