5/31, 2:00 PM (Source: TeleTrader)
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German inflation slows to 6.1% in May

Annual inflation in Germany clocked in at 6.1% in May, according to the Federal Statistical Office's (Destatis) preliminary report published on Wednesday. The figure came in lower than analysts expected and marked a fall from 7.2% recorded in April.

On a monthly level, the Consumer Price Index (CPI) saw a 0.1% decline in May. The harmonized index of consumer prices jumped 6.3% in May, compared to the same timeframe a year prior, while it fell 0.2% month on month. Year over year, energy prices added 2.6%, while food prices skyrocketed 14.9%.

"In May 2023, food prices continued to show above-average growth compared with the same month of the previous year. The year-on-year increase in energy prices in May 2023 was, however, lower than the change rate of the overall index," it was noted in the report.

Baha Breaking News (BBN) / AY