Gas and oil prices have risen particularly sharply.
(Photo: IMAGO/Rolf Poss)
Frankfurt/Berlin Inflation in Germany fell slightly in July. Consumer prices rose by 7.5 percent compared to the previous year. This was announced by the Federal Statistical Office on Thursday based on a preliminary estimate. In June, the figure was 7.6 percent. Economists had also expected this value for July. In May, the inflation rate was 7.9 percent.
The reason for the somewhat weaker price pressure is primarily the short-term effects of the tank discount and the 9-euro ticket. Both measures have been in effect since June and are limited to the end of August. Economists expect inflation to rise again significantly thereafter.
This is putting the European Central Bank (ECB) under pressure. For a long time, it assumed that the price surge would only be a short-term phenomenon and therefore reacted late with a normalization of monetary policy. Last week it raised interest rates in the euro area by 0.5 percentage points for the first time in almost eleven years. However, this only has an effect with a time lag.
More to come
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