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German inflation beats forecasts with June rise

2023-06-29 20:27
BERLIN German inflation rose more than expected in June, interrupting a steady decline since the start of the
German inflation beats forecasts with June rise

BERLIN German inflation rose more than expected in June, interrupting a steady decline since the start of the year and suggesting a bumpy road ahead.

German consumer prices, harmonised to compare with other European Union countries, rose by a more-than-anticipated 6.8% on the year in June, preliminary data from the German statistics office showed on Thursday.

By comparison, inflation fell sharply in Spain to 1.6% and to 6.7% in Italy. French inflation data is due on Friday.

Non-harmonized consumer prices rose 6.4% in June year-on-year, following a 6.1% rise in the previous month.

Compared to May, prices increased by 0.4% in EU-harmonized terms, the office added.

Analysts had expected harmonised data to increase by 0.3% on the previous month and grow by 6.7% on an annual basis.

The statistics office offers a breakdown on its website.

(Reporting by Maria Martinez, Editing by Friederike Heine and Miranda Murray)