Slight uptick in German inflation rate in July

Consumer prices in Germany increased by 1.7 per cent year-on-year in July, the German statistics office confirmed Tuesday.

The inflation rate of 1.7 per cent was higher than in the two previous months, when the rate had been at 1.6 and 1.4 per cent respectively.

The statistics office said that food and energy prices had seen the most prominent increase.

The inflation rate is an important indicator for the European Central Bank’s (ECB) monetary policies. The ECB has forecast a yearly inflation rate of just below 2 per cent for the eurozone.

In the eurozone, price increases slowed down significantly in July. According to the European statistics office Eurostat, consumer prices only went up by 1.1 per cent compared to the previous year.

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