By John Meyer, consultant in financial markets, for Eurasia Business News, July 29, 2022

Consumer prices in Germany, harmonized with European Union’s standards, rose by 8.5% in annual terms in July, according to preliminary data from the German Federal Statistical Office (Destatis).

The inflation rate accelerated from 8.2% in June.

Analysts had expected inflation to slow to 8.1%.

Compared with the previous month, consumer prices in July rose by 0.8% after a decrease of 0.1% in June. Experts on average predicted their increase by 0.4%.

Read also : Gold, inflation and monetary policies

Consumer prices, calculated according to German standards, this month rose by 7.5% for the year and by 0.9% for the month. Analysts had expected them to rise by 7.4% and 0.6%, respectively. In June, the increase was 7.6% and 0.1%.

According to preliminary data, the cost of energy in Germany in July increased by 35.7% in annual terms (38% in June), food – by 14.8% (12.7% in June), services – by 2% (2.1% in June).

In July 2022, energy prices were 35.7% higher than in the same month last year. Food prices also rose at an above-average rate of +14.8%. Significant price increases on the upstream economic stages have a price-increasing effect. 

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