German inflation up 0.1% in June

The annual rate of inflation in Germany edged up in June from May but remained far below the European Central Bank’s medium-term target of close to but below 2%.

The consumer price index calculated according to harmonized European standards, or HICP, increased by 0.1% on the month and rose by 0.2% on the year, the federal statistics office Destatis said Tuesday, confirming the first estimate it published on June 29.

In May the HICP increased by 0.4% on the month and was unchanged on the year.

Consumer prices calculated according to national standards rose by 0.1% on the month and by 0.3% on the year, Destatis said, also confirming its first estimate.

The statistics office added that energy prices continued to exert downward pressure on the headline figures, falling by 6.4% on the year in June, compared with a 7.9% fall in May.

Food and beverages prices increased by 0.1% on the year, driven by vegetable prices, which rose 4.6%, including potatoes, up 19.1%.

Source: MarketWatch