Germany: Inflation rises for the first time in 4 months
Germany recorded an annual inflation rate of 6.4% in June, the first time the rate has increased since February, according to provisional data from Germany’s Federal Statistical Office (Destatis) released on Thursday.
Inflation marks the increase in the cost of consumer goods compared to the same period of the previous year.
This means that basic goods cost an average of 6.4% more in June 2023 than they did in June 2022. The rate for May 2023 was 6.1%.
How is inflation hitting consumers?
The global inflation rate takes into account several goods, but broken down there is a significant difference between various sectors.
Food prices, for example, rose 13.7%. Although this figure was lower than in May, it still marks a clear burden for consumers.
On the other hand, the price of energy rose only 3% in June 2023 compared to the previous year.
Energy was one of the sectors hardest hit by the large-scale Russian invasion of Ukraine, which saw Germany and other European countries reduce their consumption of Russian-sourced fossil fuels.
Source: DW
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