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.