While annual inflation in Germany rose to 6.8 percent in June, it fell below the 2 percent target set by the European Central Bank for the entire Euro Zone in Spain.
While tightening messages from the European Central Bank (ECB) followed each other, inflation data from Eurozone countries indicated that the path would continue for a while.
In Germany, the strongest economy in the Eurozone, annual inflation started to rise again in June. Inflation in the country was recorded as 6.8 percent in June. Economists surveyed by Bloomberg had expected annual inflation to be 6.8 percent. Until May, annual inflation in the country was on a downward trend. With the latest data, it was observed that annual inflation turned upwards again.
In Germany, monthly inflation was 0.4 percent in June, in line with expectations. In May, a 0.2 percent pullback was seen in prices on a monthly basis in Germany.
Inflation in other important Eurozone countries, on the other hand, showed a loosening trend. In the same period, annual inflation in Spain was 1.9 percent, below the ECB’s inflation target. In Italy, inflation was recorded as 6.7 percent with a rapid decline.