German Inflation Rises More Than Expected

Germany's inflation pressure increased in July, according to preliminary figures from the German statistics authority Destatis.

The inflation rate – price increases in annual terms – was 2.3 percent in July, compared to 2.2 percent the previous month. This is higher than expected. The analysts' average forecast was an unchanged inflation rate.

Compared to the previous month, consumer prices in Germany rose by 0.3 percent, in line with expectations.

A continued high price pressure in Europe's largest economy will be taken into account when the European Central Bank ECB considers future interest rate cuts.