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Services Push Up June CPI

GERMAN DATA
MNI (London)

GERMANY FLASH JUN CPI +0.3% M/M; (BBG FCST +0.2%); MAY -0.1% M/M

GERMANY FLASH JUN CPI +6.4% Y/Y (BBG FCST +6.3%); MAY +6.1% Y/Y

  • German CPI rose by +0.3% m/m, accelerating by 0.3pp to +6.4% y/y.
  • This outpaced consensus expectations by 0.1pp on both prints, however the data matches the MNI estimates posted earlier this morning.
  • Energy CPI increased 0.4pp to +3.0% y/y and food was 1.2pp softer at +13.7% y/y.
  • Core CPI accelerated to +5.8% y/y in June (up 0.4pp from May), a data point unexpectedly included in the flash inflation report. This is usually only released with the final data.
  • Services underpinned the jump in core inflation, strengthening by 0.8pp to +5.3% y/y, and outpacing the 0.4pp deceleration in goods CPI to +7.3% y/y.
  • Destatis flagged that base effects from the 9-euro transport ticket in summer 2022 helped drive services inflation higher this month.
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