Status: 08/10/2022 08:54 a.m
Daily life is no longer getting more expensive quite as quickly: The Federal Statistical Office confirmed an inflation rate of 7.5 percent for July – less than in the previous months.
The 9-euro ticket and the fuel discount have slightly dampened inflation in Germany for the second month in a row. According to the Federal Statistical Office, the inflation rate in July was 7.5 percent. The Wiesbaden authority thus confirmed an initial estimate.
In June, consumer prices rose by 7.6 percent year-on-year and by 7.9 percent in May. Compared to June, consumer prices increased by 0.9 percent in July. Here, too, Destatis confirmed an initial estimate.
Inflation rate attacks purchasing power
High inflation rates reduce the purchasing power of consumers, which means that they can afford less for one euro. Above all, price jumps in energy as a result of the Ukraine war and rising food prices have been heating up inflation in Europe’s largest economy for some time.
Several relief measures
The federal government is trying to relieve people, among other things, with the 9-euro ticket for local public transport introduced at the beginning of June and the reduction of the energy tax on fuel with the help of the tank discount. In addition, the EEG surcharge has been abolished: since July 1, electricity customers have no longer paid for the promotion of green electricity via their electricity bill. Further relief measures are under discussion.
Economists expect inflation rates to rise again in the coming months – also because the tank discount and 9-euro ticket are limited to the end of August. A follow-up offer of the cheap ticket is still being fought in Berlin.