Weakening around 0.3 percent
In June 2022, the inflation rate in Germany decreased slightly. Compared with the same month last year, the inflation rate rose by 7.6 percent and was thus 0.3 percent below the May 2022 level, the Federal Statistical Office (Destatis) reported.
Dr. Georg Thiel, President of the Federal Statistical Office, cited rising prices for energy products as the main reason for the high inflation rate. “The 9-euro ticket and the fuel discount had a slightly dampening effect on overall inflation in June 2022,” adds Dr. Georg Thiel.
Rising energy prices
Energy products were 38.0 percent more expensive in June 2022 than a year earlier. In particular, prices for household energy increased by 40.7 percent. Here, prices for light heating oil were 108.5 percent higher than in the same month last year. Energy products such as natural gas also increased in price by 60.7 percent and fuels by 36.5 percent.
In contrast, the increase in the price of fuels decreased slightly in June 2022 as a result of the lower mineral oil tax. While the price increase in May 2022 was still 41.0 percent, prices rose by only 33.2 percent in June.
Price increases for goods and services
Due to ongoing supply chain disruptions and increased prices upstream in the economy, prices rose not only for energy products but also for other goods and services.
In the case of food products, there was a 12.7 percent year-on-year price increase in June 2022. In particular, edible fats and oils increased in price by 43.1 percent year-on-year. Prices for meat and meat products also rose significantly by 18.9 percent.
Overall, goods became noticeably more expensive than in the previous year. Prices for consumer goods rose by 18.6 percent and those for durables by 5.5 percent.
Prices for services also rose by 2.1 percent in June 2022 compared with the same month a year earlier.