Unexpected drop in inflation in Germany (upd)

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Inflation in Germany fell sharply in June, the first month in which the effects of government measures to ease high fuel prices were included, according to data released today.

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According to preliminary data from Destatis, consumer prices stood at 7.6% on an annual basis, compared to the 8% expected by economists.

In May the prices had reached 7.9%, which was the highest level since December 1973.

Consumer prices, harmonized with the EU, fell to 8.2% from 8.7% in May, according to the Federal Statistical Office.

Analysts expected German (harmonized) inflation to reach 8.8% in June.

Since the day of Russia’s invasion of Ukraine, energy prices have risen sharply and have had a significant impact on high inflation, Destatis said.

Energy prices rose 38% in June on an annual basis. Food prices rose above average, by 12.7% year on year.

Source: Capital

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