The Consumer Price Index (CPI) of Germany will stand at 2.8% year-on-year in July, which represents an increase of four tenths compared to the rate recorded in June and the most intense advance of the cost of living in the country in the last three months, according to the preliminary estimate released by the Federal Statistical Office (Destatis).
At the same time, the harmonized inflation reading, which is the reference used by Eurostat for its comparisons between countries, will also increase by four tenths compared to the previous month and is expected to reach 2.8% in July as well.
The price dynamics in the seventh month of 2026 is marked by a lower decrease in oil and gas prices, which translates into a year-on-year increase of 8.3% in energy, after the 3.4% increase observed in June.
In parallel, the rate of increase in food prices in July would remain unchanged at 0.4%, in line with the variation recorded in both June and May.
Regarding services, the increase in the sector would moderate to 2.9%, compared to the 3.1% year-on-year recorded in June, while the price of goods would accelerate its rise to 2.5%, above the 1.7% of the previous month.
Thus, if the most volatile components, such as food and energy, are excluded, Germany's core inflation would stand at 2.4% year-on-year in July, one tenth below the June figure.
Destatis is scheduled to release the definitive inflation data for the month of July on August 12.