Germany's annual inflation rate at 7.6% in June
WORLD ECONOMY

Germany's annual inflation rate at 7.6% in June

Rate of inflation was 7.9% in May, says federal statistical office Destatis

News Service AA

The annual inflation rate in Germany declined to 7.6% in June, down from 7.9% in May, according to an official expectation on Wednesday.

In a statement, federal statistical office Destatis said consumer prices were up by 0.1% on a monthly basis.

The harmonized index of consumer prices in the euro area rose by 8.2% year-on-year.

"Energy prices, in particular, have increased considerably since the war started in Ukraine and have had a considerable impact on the high inflation rate," Destatis said.

According to the authority, energy prices in Germany rose by 38% in June on a yearly basis.

Food prices also increased by 12.7% year-on-year in June, it said.

Destatis said the rise in prices is also because of interruptions in supply chains caused by the COVID-19 pandemic.

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