Germany’s CPI rose 2.0% YoY in July 2025, unchanged from June and down from 2.1% in April–May.

• Core inflation (excluding food and energy) held at 2.7% YoY, down from 2.9% in April.
• Services inflation continued to ease to 3.1% YoY (from 3.3% in June and 3.9% in April).
• Goods inflation edged up slightly to 1.0% YoY from 0.8% in June.
• Energy prices remained a drag at -3.4% YoY, a smaller decline than -3.5% in June.
• Food inflation slowed to 2.2% YoY from 2.8% in April–May and 2.0% in June.