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Germany

German Inflation Hit Record High in June, Figures Show

The German statistics office Destatis released news of the biggest increase in consumer prices since December 1993 on Wednesday, July 16 when a report showed prices had risen by 3.3 percent in June on a 12-month basis.

A shopping cart full of groceries

Germans are getting less for their money

Consumer prices in Europe's biggest economy increased by 0.3 percent from May with energy and food prices leading the way, Destatis said.

"It was the third time this year that the three percent threshold was reached," a Destatis statement said.

The European Central Bank's inflation target is just below 2.0 percent in the medium term.

Food and fuel represented more than half of the annualized global price increase and corresponded to around 20 percent of all household spending, the report added.

The overall cost of fuels had leapt by 61.9 percent on the year, with motor fuels gaining 15.0 percent.

If energy was excluded, "the year-on-year rate of price increase would have been 1.9 percent," the statement said.

Food prices showing considerable gains

Fuel prices on show outside a petrol station in Frankfurt

Fuel prices are increasing at a dramatic rate

General food prices jumped by 7.6 percent in June from the same month a year earlier, with dairy products showing a gain of 18.9 percent. The cost of breads and cereals rose by 9.1 percent, but that of fish and seafood by just 1.2 percent.

Prices for durable consumer goods fell meanwhile, with computer equipment down by 16.4 percent on the year and TV sets costing 18.9 percent less on average.

The cost of services rose by 1.6 percent, in large part owing to rents, which account for 20 percent of the total calculation, Destatis said.

But it nonetheless pointed out that "the price trend for rents has remained below the level of the consumer price index for a considerable time and thus has had a dampening effect on inflation."

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