Consumer prices in Germany were 0.4% higher in July

Consumer prices in Germany were 0.4% higher in July 2016 compared with July 2015. The inflation rate as measured by the consumer price index increased slightly for the third consecutive month. This year, a somewhat higher rate than in July 2016 was measured in January (+0.5%). Compared with the previous month, the consumer price index rose by 0.3% in July 2016. The Federal Statistical Office (Destatis) thus confirms its provisional overall results of 28 July 2016.

The development of energy prices (-7.0%) had a marked downward effect on the overall rise in prices in July 2016, as had been the case in the preceding months. Compared with the last few months, the decrease of energy prices accelerated slightly year on year, in June 2016 it had stood at -6.4%. Consumers benefitted especially from the prices of mineral oil products, which were down in July 2016 on a year earlier (-12.8%, of which heating oil: -18.0%, and motor fuels: -11.5%). The prices of other energy products were also below the level of a year earlier (for example, charges for central and district heating: -8.9%; gas: -2.9%). Only electricity prices were up on a year earlier (+0.7%). Excluding energy prices, the inflation rate in July 2016 would have been +1.3%.