Inflation Rate in Germany for July 2023 at +6.2%: Slight Deceleration as Monthly Price Increase Stands at +0.3%

Germany’s inflation rate eased slightly to +6.2% in July 2023 compared to the same month last year, down from June’s +6.4%, reports the Federal Statistical Office. The cost of living increased by 0.3% from June. Energy prices surged by 5.7% YoY, with electricity spiking 17.6% due to the elimination of the EEG levy. Food prices remained the main driver, rising by 11.0% YoY, driven by sweets, bread, vegetables, and fish. The inflation rate without energy and food stood at +5.5%, while goods and services both saw price hikes, recording +7.0% and +5.2% YoY respectively.