Inflation picked up slightly in Germany, Europe’s largest economy, in June, preliminary figures from federal statistics office Destatis showed yesterday, but remained short of the European Central Bank’s eurozone-wide target.
Consumer prices increased by 1.6 percent year-on-year last month, Destatis reported in preliminary data. Inflation stood at 1.5 percent, also a slight pickup on the pace in May. A breakdown of the different components of the consumer price basket showed that the pace of inflation for goods slowed slightly, while energy prices did not rise at all.Prices for food and services grew more quickly than in May, while domestic rents rose at a steady rate.
