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German CPI confirmed at 6.2% in July, with core at 5.5%; food the biggest contributor

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alemania reichstang

Posted By: The Corner 9th August 2023

Bankinter : July final CPI confirms +6.2% year-on-year preliminary, from +6.4% previously. It is +0.3% month-on-month, which also confirms preliminary. Core inflation +5.5% year-on-year in July from +5.8% prev.

Assessment: Food prices (+11% year-on-year in July vs. +13.7% pre) remain the main contributor to CPI. In addition, energy prices (+5.7% year-on-year) are affected by the base effect of the elimination of an EEG tax in July 2022.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.