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German inflation rate ticks lower to 2.1% in June

Germany’s national inflation rate eased slightly in June from May, with a cooling in services price growth offsetting a rise in energy.

The consumer price index rose 2.1 per cent from the same month in 2017 on an EU harmonised basis, according to data from the Federal Statistics Office. This month’s slowdown from 2.2% in May was forecast by economists surveyed by Reuters.

Energy prices jumped 6.4 per cent, from 5.1 per cent in the previous month. However, services inflation cooled to 1.5 per cent from 1.9 per cent.

Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said: "The reversal of last month’s Easter-effect almost surely was the key driver of the fall in services inflation. The rate of increase in package holidays, in particular, fell significantly. The state data, however, suggest that the other key components of the core rate increased, indicating that underlying inflation pressures are slowly rising."

The European Central Bank has said the lift to eurozone inflation from energy is probably transitory, and that it can still take some time for inflation to more firmly reach its goal of close to but less than 2%.

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