German inflation 2.4% in July

10th August 2011, Comments 0 comments

German inflation stood at an annualised 2.4 percent in July, matching its highest level this year, the national statistics office said on Wednesday.

Consumer prices rose 0.4 percent from June when they were up 0.1 percent from May, the Destatis office said, confirming provisional figures released on July 27.

Inflation in Europe's biggest economy hit 2.4 percent in April, before dipping to 2.3 percent in May and June, Destastis said.

The main reason for the latest increases remains energy prices, which gained 10.6 percent overall in July from the same month a year earlier.

Within that category, motor fuel posted the biggest increase, of 12.3 percent.

Home heating oil and electricity were also considerably more expensive, the data showed.

Across the 17-nation eurozone, inflation eased to 2.5 percent in July following two consecutive months at 2.7 percent, well above the European Central Bank's medium-term target of just below 2.0 percent.

© 2011 AFP

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