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German harmonized annual inflation confirmed at 2.1% in July

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German harmonized annual inflation confirmed at 2.1% in July

German consumer prices rose 2.1% year over year on EU-harmonized terms in July, confirming the provisional estimate and maintaining the annual increase in June, the Federal Statistical Office said.

Month over month, consumer prices edged 0.4% higher on a harmonized basis, also in line with the provisional estimate.

The nonharmonized inflation rate was at 2.0% year over year in July and at 0.3% month over month.

Inflation in energy prices had a "considerable effect" on July inflation, the statistics agency said, with the annual increase accelerating to 6.6% from 6.4% in June due mainly to low base prices in the year-ago period. Prices for heating oil and motor fuel registered double-digit growth year over year.

Food prices increased by an annual 2.6%, above the average, driven by rises across all food groups.

Excluding food and energy prices, the inflation rate was 1.4% in July on an annual basis and 0.5% on a monthly basis.