Inflation rate at +2.3% in July 2024 (2024)

Press release No. 305 of 9 August 2024

Consumer price index, July 2024
+2.3% on the same month a year earlier (provisional result confirmed)
+0.3% on the previous month (provisional result confirmed)

Harmonised index of consumer prices, July 2024
+2.6% on the same month a year earlier (provisional result confirmed)
+0.5% 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 +2.3% in July 2024. The rate of change was +2.2% in June 2024 and +2.4% in May 2024. "Decreases in energy prices, in particular, are having a dampening effect on the rate of inflation," 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 June 2024, consumer prices were up by 0.3% in July 2024.

Energy product prices dropped by 1.7% from July 2023

The prices of energy products in July 2024 declined by 1.7% year on year (June 2024: -2.1%). Prices of household energy (-3.6%), in particular, were down in July 2024 from a year earlier. Motor fuel prices (total) dropped by 0.4% in the same period. Consumers also continued to benefit from lower prices for firewood, wood pellets and other solid fuels (-13.9%), electricity (-6.2%), and natural gas (-3.3%). By contrast, the prices of some energy products were higher than a year earlier, especially district heating (+31.0%) and heating oil (+7.7%).

Food prices up 1.3% on July 2023

Food prices (only in German) increased by 1.3% in July 2024 compared with the same month a year earlier. The rise in food prices therefore accelerated again (June 2024: +1.1%), but the rate of increase was still below overall inflation. Notable year-on-year price increases continued to be seen for edible fats and oils (+14.3%, including olive oil (only in German): +45.0%) and sugar, jam, honey and other confectionery (+6.1%, including chocolate (only in German): +10.7%). In July 2024, consumers also had to pay more than a year earlier for other food groups such as vegetables (+1.7%) and bread and cereals (+0.9%). By contrast, dairy products (-1.1%), in particular, cost less in the period from July 2023 to July 2024.

Inflation rate excluding food and energy at +2.9%

Excluding energy prices, the inflation rate stood at +2.7% in July 2024. The inflation rate excluding food and energy, often referred to as core inflation, was +2.9% in July 2024. The year-on-year change in the consumer price index excluding food and energy therefore remained just below the three percent mark (June 2024: +2.9%). Both rates have notably exceeded overall inflation since January 2024, thereby demonstrating that inflation remained above average in other important product groups.

Below-average rise in goods prices of 0.9% on July 2023

Goods prices (total) increased by 0.9% in the period from July 2023 to July 2024 and were therefore markedly below overall inflation. The prices of non-durable consumer goods increased somewhat more (+1.1%) than the prices of durable consumer goods (+0.6%). Some goods saw notable price increases, for example non-alcoholic beverages (+5.9%), tobacco products (+4.7%) and clothing (+4.0%). By contrast, lower prices were recorded for durable consumer goods (-0.3%).

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 July 2024. The increase in service prices was therefore markedly higher than overall inflation. Ever since May 2024, services have experienced a price increase of +3.9%. In the period from July 2023 to July 2024, prices were up, in particular, for insurance services (+13.9%, including transport insurance: +29.4%), services of social facilities (+8.1%) and catering services in restaurants, cafés and the like (+6.7%). Other notable price rises were observed for the maintenance and repair of vehicles (+5.9%), water supply and miscellaneous services relating to the dwelling (+4.7%) and recreational and sporting services (+4.6%). Net rents exclusive of heating expenses also continue to be a major factor contributing to the development of service prices. At +2.2%, the rate of price increase was only just below overall inflation here. By contrast, only few services cost less than in the same month a year earlier, for example tickets for international flights (-1.8%) and telecommunications services (-0.2%).

Prices up 0.3% from the previous month

Compared with June 2024, the consumer price index rose by 0.3% in July 2024. In the summer travelling season, price increases were recorded particularly for air tickets (+18.3%) and package holidays (+10.1%). Consumers also had to pay markedly more for transport insurance (+4.8%). Energy prices (total) also rose slightly (+0.3%). For example, prices were up for district heating (+2.6%), heating oil (+1.5%) and motor fuels (+0.6%). Food prices (total) remained nearly unchanged (-0.1%). By contrast, prices were down for clothing (-4.8%), which was also due to the season.

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.

In the Euro area, the harmonised index of consumer prices (HICP) is used for the purposes of monetary policy. Apart from the individual purposes they serve, the consumer price index (CPI) and the HICP differ in terms of coverage, methodology and weighting. This explains the differences between the CPI and the HICP for Germany. 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. Explanatory notes on this matter are available on the website of the Federal Statistical Office together with the HICP results and a methodological paper on the HICP.

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.

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 July 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). In this data portal, the Federal Statistical Office brings together up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, the labour market, construction, housing, energy and Ukraine. The portal also contains the Economic Pulse Monitor tool (Pulsmesser Wirtschaft) (only in German) for real-time economic monitoring.