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German Consumer Prices Rose in June, Confirming Preliminary Data -- Update

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07/14/2020 | 02:59am EDT

--German consumer prices in June rose 0.6% month-on-month measured by national standards and 0.7% by EU-harmonized standards

--The consumer price increase was driven by a rise in food and drinks prices

--Consumer prices were up 0.9% year-on-year by national standards and 0.8% on year by EU-harmonized standards

 

By Maria Martinez

 

German consumer prices rose in June, driven by a rise in food and drinks prices and confirming preliminary data, German statistics agency Destatis said Tuesday.

Consumer prices in June rose 0.6% month-on-month measured by national standards and 0.7% by European Union-harmonized standards, Destatis said. Both increases were in line with the forecasts of economists polled by Dow Jones Newswires.

Consumer prices were up 0.9% year-on-year on a national basis, in line with the forecasts of economists polled by Dow Jones Newswires.

Prices in Germany increased 0.8% on year by EU-harmonized standards. According to the Eurostat early estimate, the inflation rate in the eurozone was 0.3% in June. The EU-harmonized consumer price index for the eurozone will be released on July 17.

Food prices increased above average, rising 4.4% year-on-year. Prices were up in particular for fruit and for meat and meat products, while the prices of edible fats and oils declined. A notable price increase of 6.2% was observed in tobacco products and newspaper prices went up 4.5%.

The continuing fall in energy prices slowed in June due to the rise in oil prices on the world market, Destatis says. Energy prices in June contracted 6.2% year-on-year, following a 8.5% decrease in May.

"The marked year-on-year decrease in energy product prices had a downward effect on the inflation rate," Destatis said.

Excluding energy prices, the inflation rate would have been 1.6% in June and excluding the prices of energy and food, it would have been 1.3%.

The prices of services rose by an above-average 1.4% in June compared with the same month a year earlier, Destatis says. After coronavirus restrictions eased, consumers were able to purchase more services but higher prices had to be paid for hairdresser services and other services for personal care, as well as for visits to restaurants or cafes.

One reason for the price increase in services was likely the implementation of hygienic measures in the reopening during the coronavirus pandemic, Destatis said.

 

Write to Maria Martinez at maria.martinez@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.17% 144.75 End-of-day quote.-1.20%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.10% 104.75 End-of-day quote.-16.08%
LONDON BRENT OIL 2.02% 45.41 Delayed Quote.-31.89%
WTI 2.63% 42.645 Delayed Quote.-31.52%
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