German Inflation Increases Slightly In July

German inflation increases slightly in July

FRANKFURT, (UrduPoint / Pakistan Point News - 12th Augst,2016) - Inflation in the German economy, Europe's largest, picked up slightly in July, final official data confirmed on Friday. Germany's national inflation yardstick, the consumer price index, grew by 0.4 percent, the Federal statistics office Destatis said. It was the third increase in the rate of inflation in as many months, and the largest this year since the 0.5 percent recorded in January.

The uptick was driven by rising food and service prices, but slowed as energy and clothing became cheaper. "Without including energy, the inflation rate would have been 1.3 percent in July," Destatis said in a statement. Using the Harmonised Index of Consumer Prices -- the European Central Bank's preferred measure -- inflation also grew by 0.4 percent in July, the statisticians went on. Inflation in Germany remains well short of the target of just under 2.0 percent set by the ECB.