Germany’s CPI was confirmed at 0.3% MoM and 2.0% YoY in July 2025, unchanged from 2.0% YoY in June, as falling energy prices offset elevated services inflation.

• Core inflation (ex food and energy) was 0.3% MoM and 2.7% YoY, unchanged from 2.7% YoY in June; inflation ex-energy was 2.6% YoY.
• HICP inflation was confirmed at +0.4% MoM and +1.8% YoY.
• Energy prices fell -3.4% YoY, with declines in motor fuels (-4.5%), heating oil (-5.0%), and electricity (-2.0%), partly offset by a small rise in natural gas (+0.3%).
• Food prices rose 2.2% YoY, led by fruit (+7.6%), confectionery (+5.6%), and dairy (+4.1%), while vegetables (-3.2%), sugar (-29.4%), and potatoes (-16.1%) fell.
• Services inflation was 3.1% YoY (vs 3.3% YoY in June), driven by combined passenger transport (+11.3%), postal (+9.0%), and social services (+8.2%), with international flights (-6.8%) down.