Germany’s annual inflation up to 2.3% in July

BERLIN : Germany’s annual inflation rate was 2.3% in July, up from 2.2% in June, the federal statistical bureau Destatis revealed on Friday.

While weaker energy prices have a dampening effect on inflation, there are above-average increases in service prices, the head of Destatis, Ruth Brand, said.

The prices of energy products in July 2024 declined by 1.7% year on year, while food prices rose by 1.3%.

Excluding energy prices, the inflation rate was 2.7% in July 2024.

Meanwhile, the prices of services were up 3.9% in July on a yearly basis.

On a monthly basis, consumer prices went up by 0.3% in July.