According to preliminary data from the German Federal Statistical Office, consumer prices harmonized with the standards of the European Union in May increased by 6.3% year-on-year. Thus, inflation slowed significantly compared to 7.6% in April. Experts on average predicted an increase of 6.7%. On a monthly basis, consumer prices fell by 0.2% in May, which is the first decline in five months. In April, this indicator increased by 0.6%. Prices calculated according to German standards increased by 6.1% year-on-year in May, the lowest pace since March 2022, due to a slowdown in price growth in all categories. In particular, food prices rose by 14.9% (in April – by 17.2%), energy – by 2.6% (6.8%), services increased in price by 4.5% (4.7% in April). The final data on the dynamics of inflation for May will be released on June 13. The EUR/USD pair reacted to the report with moderate growth: from the level of 1.0659 to 1.0738.
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