Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Germany’s May inflation rises 2.8% on higher services prices

Germany’s May inflation rises 2.8% on higher services prices

By Maria Martinez

BERLIN (Reuters) -German inflation rose in May due to higher services prices, the federal statistics office said on Wednesday, confirming preliminary data.

German consumer prices, harmonised to compare with other European Union countries, rose 2.8% in May from a year earlier. They had risen 2.4% year-on-year in April.

“The inflation rate is slightly up again, mainly due to the continued increase in service prices,” said Ruth Brand, president of the statistics office.

Prices of services were 3.9% higher in May than in the same month a year earlier, following an increase of 3.4% in the previous month.

This was a marked acceleration in the year-on-year price increase, which can be partly attributed to the end of a base effect after a national cheap rail travel scheme was introduced in May 2023.

“By contrast, energy and food prices have had a dampening effect on overall inflation since the beginning of the year,” Brand said.

Energy product prices fell by 1.1%, compared with May 2023 and food prices were up 0.6%, with the inflation rate for food significantly below the overall inflation rate.

Core inflation, which excludes volatile food and energy prices, was at 3.0% in May, unchanged from April.

The European Central Bank keeps a close eye on core inflation. The bank went ahead with its first interest rate cut since 2019 last week, citing progress in tackling inflation even as it acknowledged the fight was far from over.

(Reporting by Andrey Sychev and Maria Martinez, editing by Rachel More and Rashmi Aich)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts