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AFP
June 30, 2020

German inflation up in June

Business

AFP
June 30, 2020

Frankfurt am Main: Inflation in Germany regained ground in June after falling steeply through months of lockdown for Europe´s top economy, as intense talks over EU-wide economic stimulus loom.

Price growth rebounded to 0.9 percent year-on-year this month, statistics authority Destatis said in preliminary figures, beating analyst expectations. The measure had fallen from 1.7 percent in February -- before the coronavirus struck -- to 0.6 percent last month.

Goods inflation picked back up into positive territory again in June after plummeting in March and April, in part due to a global oil glut sapping energy prices. Meanwhile price growth for food and services including rent remained relatively steady. Inflation reached 0.8 percent using the European Central Bank´s preferred yardstick known as the Harmonised Index of Consumer Prices (HICP), after 0.5 percent in May.