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German inflation reaches 2.4 pct in May

BERLIN
2024-06-13 02:19

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BERLIN, June 12 (Xinhua) -- German inflation remained under three percent in May, standing at 2.4 percent, up 0.1 percent from the previous month, according to confirmed figures published by the Federal Statistical Office (Destatis) on Wednesday.

"The inflation rate is slightly up again, mainly due to the continued increase in service prices," said Destatis President Ruth Brand. He added that "by contrast, energy and food prices have had a dampening effect on overall inflation since the beginning of the year."

According to the data, the inflation rate was 2.2 percent higher in April and May 2024, compared to the same months in 2023.

Following numerous collective wage agreements, the services sector saw prices in May rise by 3.9 percent year-on-year. Food prices recorded only a slight increase of 0.6 percent, remaining "significantly below" the overall rate in Germany, Destatis noted.

Energy prices also continued to fall, down 1.1 percent in May compared to the same period last year despite the expiry of government relief measures, including the end of reduced value-added tax for gas and district heating in April.
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