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- German consumer price growth accelerated in July, as expected
German consumer price growth accelerated in July, as expected
According to the report from Destatis, сonsumer prices in Germany were up 1.7% in July 2019 compared with July 2018. Destatis also reports that the inflation rate was slightly up (June 2019: +1.6%). Compared with June 2019, the consumer price index rose by 0.5% in July 2019.
Energy product prices increased above average by 2.4% from July 2018 to July 2019 (June 2019: +2.5%) and had an upward effect on the inflation rate, as had been the case in the previous month. Food prices rose above average (+2.1%) in July 2019 year on year. The price increase accelerated markedly on the previous month (June 2019: +1.2%). The prices of goods (total) were by 1.8% higher in July 2019 than in the same month a year earlier. Compared with goods prices, the prices of services rose somewhat less strongly year on year (+1.5%) in July 2019. A major factor contributing to the development of service prices was the increase in net rents exclusive of heating expenses (+1.4%).
A separate report from Destatis showed that selling prices in wholesale trade fell by 0,1% in July 2019 from the corresponding month of the preceding year. In June 2019 and in May 2019 the annual rates of change had been +0,3% and +1,6%, respectively. From June 2019 to July 2019 the index fell by 0.3%.
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