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Energy Crisis in Europe
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Germany Reveals Hike in Annual Inflation in June to 6.4%

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G-7 finance ministers pledged to keep world's markets stable - Sputnik International, 1920, 11.07.2023
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MOSCOW (Sputnik) - Germany's annual inflation jumped from 6.1% in May to 6.4% in June, following a three-month slowdown, the nation's Federal Statistical Office (Destatis) said on Tuesday.
In monthly terms, consumer prices grew by 0.3% in June, as forecast, with food accounting for the biggest increase.
"The rate of inflation therefore increased slightly again after slowing for three months in a row," President of Destatis Ruth Brand said.
The Harmonized Index of Consumer Prices (HICP), a measure of inflation in the European Union, jumped 0.4% higher than in May and amounted to 6.8% year-on-year. The HICP’s final assessment coincided with the provisional assessment as well.
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Germany, along with other EU member states, has been up against accelerating inflation as part of the post-pandemic global economic recession. The situation further exacerbated by the barrage of anti-Russian sanctions that resulted in a disruption of supply chains that led to raging energy crisis in Western economies.
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