Energy and food prices dampening inflation since start of year, services driving inflation
Press release No. 266 of 11 July 2024
Consumer price index, June 2024
+2.2% on the same month a year earlier (provisional result confirmed)
+0.1% on the previous month (provisional result confirmed)
Harmonised index of consumer prices, June 2024
+2.5% on the same month a year earlier (provisional result confirmed)
+0.2% on the previous month (provisional result confirmed)
WIESBADEN −The inflation rate in Germany, measured as the year-on-year change in the consumer price index (CPI), stood at +2.2% in June 2024. In May 2024, the rate of change was +2.4%, and +2.2% in both April and March 2024. “Energy and food prices have had a dampening effect on overall inflation since the beginning of the year,” says Ruth Brand, President of the Federal Statistical Office (Destatis). “By contrast, we continue to see above-average increases in service prices,“ Brand adds. Compared with May 2024, consumer prices were up by 0.1% in June 2024.
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Energy product prices fell by 2.1% compared with June 2023
The prices of energy products in June 2024 declined by 2.1% compared with the same month of the previous year (May 2024: -1.1%). The prices of both household energy (-3.0%) and motor fuels (-0.6%) were down year on year. In particular, consumers continued to benefit from lower prices for firewood, wood pellets and other solid fuels (-13.7%) (only in German), electricity (-6.3%), and natural gas (-4.3%). By contrast, the prices of some energy products were higher than a year earlier, for example district heating (+27.6%) and heating oil (+7.9%).
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Food prices up 1.1% on June 2023
Food prices (only in German) were up 1.1% in June 2024 compared with the same month a year earlier. Food prices therefore rose more rapidly than before (May 2024: +0.6%), but the increase remained below the overall inflation rate. There still were considerable year-on-year price increases for edible fats and oils (+11.8%, including olive oil (only in German): +46.7%) and sugar, jam, honey and other confectionery (+6.1%, including chocolate (only in German): +10.7%). In June 2024, consumers also had to pay more than a year earlier for other food groups such as fruit (+1.5%) and bread and cereals (+1.2%). By contrast, the prices of dairy products (-3.0%), in particular, declined in the period from June 2023 to June 2024.
Inflation rate excluding food and energy at +2.9%
Excluding energy prices, the inflation rate was +2.7% in June 2024. The inflation rate excluding food and energy, often referred to as core inflation, stood at +2.9% and was below the three percent mark for the first time since February 2022 (+2.8%). These rates also demonstrate that inflation in other important product groups exceeded overall inflation. Both rates have been markedly higher than the overall inflation rate since January 2024. The year-on-year change in the consumer price index excluding food and energy was +3.0% in April and May 2024.
Below-average rise in goods prices of 0.8% on June 2023
Goods prices (total) increased by 0.8% in the period from June 2023 to June 2024 and were therefore markedly below overall inflation. The prices of non-durable consumer goods also rose by 0.8% and the prices of durable consumer goods were up 0.6%. Some goods registered notable price increases, however, for example tobacco products (+5.6%), non-alcoholic beverages (+5.1%) and footwear (+4.5%).
Above-average increase in service prices of 3.9% year on year
Compared with the same month of the previous year, the prices of services (total) were up 3.9% in June 2024, which was well above overall inflation. In May 2024, service prices also increased by 3.9%, partly because the dampening effect of the Germany ticket on the rate of increase in service prices ended in May already. Therefore, the combined tickets for rail, bus and the like cost more in June 2024 (+3.5%) than in the same month a year earlier (May 2024: also +3.5%). The prices of other services increased even more substantially in the period from June 2023 to June 2024, especially insurance services (+12.3%, including transport insurance: +26.0%) and services of social facilities (+8.1%). Other notable price rises were observed for catering services in restaurants, cafés and the like (+6.8%), maintenance and repair of vehicles (+6.2%) and overnight stays (+5.1%), for example. With a rate of price increase of 2.2%, net rents exclusive of heating expenses also continued to be a major factor contributing to the development of service prices. Only few services cost less. There was a substantial year-on-year drop in air ticket prices in June 2024 (-6.0%, of which international flights: -6.4%; but domestic flights: +3.0%).
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Prices up 0.1% from the previous month
Compared with May 2024, the consumer price index rose by 0.1% in June 2024. Domestic flights, in particular, were much more expensive than in the previous month (+9.0%). Consumers also paid more for package holidays (+5.0%) and overnight stays (+2.4%). Food prices (total) also rose slightly (+0.3%, including vegetables: +0.7%). By contrast, the prices of energy (total) fell by 1.1%. Price drops were recorded especially for motor fuels (-2.5%, including supergrade petrol: -2.9%; diesel fuel: -1.4%) and heating oil (-0.9%).
Methodological notes:
An overview explaining the different measures of the Federal Government and their impact on the consumer price index is available on the website of the Federal Statistical Office.
The consumer price index (CPI) and the harmonised index of consumer prices (HICP) differ in coverage and methodology. In contrast to the HICP, the CPI also includes household expenditure on owner-occupied housing, games of chance and broadcasting fees. In addition, the HICP product weights are updated annually. As the weight of housing is much smaller in the HICP basket, price increases in other product groups have a larger impact on the HICP than on the CPI. These differences (coverage, methodology and weighting) explain the differences between the CPI and the HICP for Germany. Explanatory notes on this issue are provided on the website of the Federal Statistical Office, a methodological paper is also available.
Inflation Calculator for personal rate of inflation:
Consumers can use the Personal Inflation Calculator of the Federal Statistical Office to adapt their monthly consumption expenditure on individual product groups according to their own consumption patterns and to calculate their personal inflation rate. In addition, the Price Kaleidoscope gives an overview of the price trend and the weights of various products.
Overall index / subindex | Weighting | Index | Change on same period of previous year | Change on the previous month |
|---|---|---|---|---|
in per mill | % | |||
| Overall index | 1,000.00 | 119.4 | 2.2 | 0.1 |
| Food and non-alcoholic-beverages | 119.04 | 132.3 | 1.5 | 0.2 |
| Food | 104.69 | 132.9 | 1.1 | 0.3 |
| Meat and meat products | 22.16 | 128.9 | 0.9 | 0.1 |
| Fruit | 11.62 | 116.0 | 1.5 | -0.9 |
| Vegetables | 13.72 | 131.3 | 0.9 | 0.7 |
| Alcoholic beverages and tobacco | 35.26 | 121.9 | 3.8 | 0.3 |
| Clothing and footwear | 42.25 | 110.3 | 3.1 | -0.8 |
| Housing, water, electricity, gas and other fuels | 259.25 | 116.0 | 1.3 | 0.1 |
| Actual net rent exclusive of heating expenses | 68.30 | 107.7 | 2.3 | 0.2 |
| Imputed net rent exclusive of heating expenses | 104.13 | 106.9 | 2.1 | 0.2 |
| Household energy | 43.44 | 150.8 | -3.0 | -0.2 |
| Electricity | 24.50 | 127.7 | -6.3 | 0.1 |
| Gas 1 | 6.07 | 191.9 | -4.3 | -0.1 |
| Healting oil 1 | 1.70 | 196.9 | 7.9 | -0.9 |
| Furniture, lighting equipment, appliances and other household equipment | 67.78 | 118.1 | 0.3 | -0.1 |
| Health | 55.49 | 107.8 | 2.9 | 0.2 |
| Transport | 138.22 | 124.9 | 1.6 | -0.6 |
| Motor fuels | 30.46 | 142.6 | -0.6 | -2.5 |
| Supergrade petrol | 23.19 | 140.9 | -1.7 | -2.9 |
| Diesel fuel | 6.92 | 146.9 | 3.6 | -1.4 |
| Communication | 23.35 | 99.2 | -0.7 | -0.1 |
| Recreation and culture | 104.23 | 116.5 | 1.4 | 0.7 |
| Package holidays | 13.22 | 134.6 | 4.5 | 5.0 |
| Education | 9.06 | 113.7 | 4.9 | 0.0 |
| Restaurant and accommodation services | 47.20 | 127.7 | 6.5 | 0.8 |
| Miscellaneous goods and services | 98.87 | 120.0 | 6.1 | 0.6 |
| Overall index, excluding food and energy 2 | 821.41 | 115.2 | 2.9 | 0.3 |
More information:
Detailed results can be found in the tables on the consumer price index (61111-0004) and (61111-0006) and on the harmonised index of consumer prices (61121-0002) and (61121-0006) in the GENESIS-Online database. Special items shown in Tables (61111-0006) and (61121-0006) contain CPI and HICP results which are used to measure "core inflation". The table "Verbraucherpreisindex – Preisentwicklung für Nahrungsmittel" (only in German) contains information on changes in the prices of individual food products.
Eurostat, the Statistical Office of the European Union, has released provisional results on Euro area inflation for June 2024 (available on Eurostat’s website under News > Euro indicators).
Consumer price index results are also available on Dashboard Germany (www.dashboard-deutschland.de) (only in German). This data portal of the Federal Statistical Office combines up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, health and mobility. The portal also contains the Economic Pulse Monitor tool (Pulsmesser Wirtschaft) (only in German) for real-time economic monitoring.
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