German inflation unexpectedly slowed to 8.2% in June

According to preliminary data from the German Federal Statistical Office (Destatis), consumer prices in the country, harmonized with EU standards, increased by 8.2% in annual terms in June.

Analysts predicted an acceleration of inflation to 8.8%. Thus, inflation unexpectedly slowed down compared to May, when the indicator was a record 8.7%.

On a monthly basis, consumer prices fell by 0.1% in June after rising by 1.1% in May. This decrease was recorded for the first time since November 2020. Analysts on average predicted a price increase of 0.4%. 

Consumer prices, calculated only by German standards, rose by 7.6% in June for the year and by 0.1% for the month. Analysts expected an increase of 8% and 0.3%, respectively. In May, the increase was 7.9% and 0.9%.

In particular, the cost of energy in Germany in June increased by 38% y/y (38.3% in May), food – by 12.7% (11.1% in May), prices for services increased by 2.1% (2.9% in May).