Press release No. 298 of 28 July 2023
Consumer price index, July 2023
+6.2% on the same month a year earlier (provisional)
+0.3% on the previous month (provisional)
Harmonised index of consumer prices, July 2023:
+6.5% on the same month a year earlier (provisional)
+0.5% on the previous month (provisional)
WIESBADEN – The inflation rate in Germany is expected to be +6.2% in July 2023. It is measured as the change in the consumer price index (CPI) compared with the same month a year earlier. In June 2023, the inflation rate was +6.4%. Based on the results available so far, the Federal Statistical Office (Destatis) also reports that consumer prices are expected to increase by 0.3% on June 2023. The inflation rate excluding food and energy, often referred to as core inflation, is expected to be +5.5% (June 2023: +5.8%).
| Overall index / subindex | Weight | April 2023 | May 2023 | June 2023 | July 20231 |
|---|---|---|---|---|---|
| per thousand | percent | ||||
| 1: Provisional figures. 2: Core inflation. 3: Household energy and motor fuels. | |||||
| Overall index | 1,000 | 7.2 | 6.1 | 6.4 | 6.2 |
| Overall index excluding food and energy2 | 821.41 | 5.8 | 5.4 | 5.8 | 5.5 |
| Services | 503.36 | 4.7 | 4.5 | 5.3 | 5.2 |
| Goods | 496.64 | 9.3 | 7.7 | 7.3 | 7.0 |
| including: | |||||
| Energy3 | 73.90 | 6.8 | 2.6 | 3.0 | 5.7 |
| Food | 104.69 | 17.2 | 14.9 | 13.7 | 11.0 |
In July 2023, food prices continued to show above-average growth (+11.0%) compared with the same month of the previous year. The increase in energy prices was somewhat higher again (+5.7%). This was due, among other things, to a base effect caused by a decline in July 2022. This base effect resulted from the abolishment of the EEG surcharge effective as of 1 July 2022, a measure of the Federal Government’s third relief package. In June 2023, the year-on-year increase in energy prices was +3.0%. The base effect due to the availability of the 9-euro ticket from June through August 2022 still has an impact on service prices, which were up 5.2% on the same month a year earlier.
Inflation Calculator for personal rate of inflation:
Consumers can use the Personal Inflation Calculator (only in German) 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.
Methodological notes:
The consumer price index (CPI) and the harmonised index of consumer prices (HICP) differ in coverage and methodology. In contrast to the HICP, the CPI includes also household expenditure on owner-occupied housing, games of chance and broadcasting fees. In addition, the HICP product weights are updated annually. As the weight of housing is much smaller in the HICP basket, price increases in other product groups have a larger impact on the HICP than on the CPI.
More information:
The final results for July 2023 will be released on 8 August 2023.
