German inflation accelerates to 2.8% in July
Tweet
Share
E-mail
People walk by a flyer stand with a reference to the Europe-wide "true costs" campaign week by the discount supermarket Penny in Berlin, Germany August 1, 2023. REUTERS/Annegret Hilse
By Maria Martinez
BERLIN, July 30 (Reuters) - German inflation rose in July on higher energy prices caused by the Iran conflict, while core inflation fell slightly.
Inflation accelerated to 2.8% year-on-year, in line with forecasts, preliminary data from the federal statistics office showed on Thursday.
Analysts polled by Reuters had forecast the EU-harmonised consumer price index to come in at 2.8% in July, compared with 2.4% the month before.
Energy inflation drove the increase, rising to 8.3% in July from 3.4% in the previous month.
Core inflation, which excludes volatile food and energy prices, fell to 2.4% from 2.5% in June.
The German data come ahead of the euro zone inflation release on Friday. Inflation in the bloc is expected to come in at 2.9%, slightly above June's 2.8%, according to economists polled by Reuters.
The European Central Bank kept borrowing costs on hold in July but left room for more tightening in the coming months as a widening conflict in the Middle East pushed up energy prices again.
(Reporting by Ludwig Burger, Miranda Murray and María Martínez; editing by Thomas Seythal)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Instant View: Yen jumps against the dollar, traders alert to Japan intervention
- Pickup truck profits highlight growing divide among global automakers
- AI cloud provider Nscale to buy software startup Anyscale
Create E-mail Alert Related Categories
ReutersRelated Entities
European Central BankSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
