×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Germany | Economy

German Inflation Rate Slips again in July from Month before

Thursday, 28 July 2022 09:01 AM EDT

BERLIN (AP) — Germany's annual inflation rate has declined slightly for the second consecutive month, official data showed Thursday, but July's pace of 7.5% was still within sight of the nearly half-century high it reached in May.

Inflation in Europe's biggest economy rose 7.9% in May from a year earlier, the highest level since the early 1970s, before slipping to 7.6% last month. The preliminary monthly figure for July, reported Thursday by the Federal Statistical Office, is usually confirmed in a final report about two weeks later.

Energy prices spiked 35.7% this month from a year earlier and food prices rose 14.8%.

Germany temporarily lowered taxes on diesel fuel and gasoline at the start of June and introduced an ultra-cheap ticket that allows people to use all local and regional public transportation for 9 euros ($9.15) a month. The measures are due to last for three months. The statistics office said it wasn't yet clear to what extent they dampened inflation.

As in other countries around the world, inflation in Germany has been stoked by Russia's war in Ukraine, which has led to a rise in energy costs and food prices.

Chancellor Olaf Scholz wants to work with unions and employers to find ways to address the impact of rising prices while preventing an inflationary spiral.

The July inflation rate for all 19 countries that use the euro will be released by the European Union's statistics office Friday after consecutive months of record highs. It reached 8.6% in June.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Germany's annual inflation rate has declined slightly for the second consecutive month, official data showed Thursday, but July's pace of 7.5% was still within sight of the nearly half-century high it reached in May.Inflation in Europe's biggest economy rose 7.9% in May...
Germany,Economy
248
2022-01-28
Thursday, 28 July 2022 09:01 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved