German inflation up from 2.2% to 2.4% in May - Breaking The News

German inflation up from 2.2% to 2.4% in May

29 May

1 min read

EPA-EFE/ALEXANDER BECHER

The annual inflation rate in Germany increased from 2.2% in April to 2.4% in May, Destatis said in a preliminary report on Wednesday. The figure was in line with analysts' expectations and the outlook from the German national bank. On a monthly basis, the consumer price index (CPI) increased by 0.1%. Annual core inflation, excluding food and energy, was at 3% in May, unchanged from April.

According to the report, energy prices dropped 1.1% year-on-year. The prices of goods were up 1% compared to May 2023, while services jumped 3.9%.

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