German June CPI revised higher

Consumer prices in Germany rose more quickly than expected last month, revised data showed.

The Federal Office of Statistics confirmed that consumer prices rose by 0.3% month-on-month and 1.6% year-on-year in June.

In May, prices rose by 1.4% annually.

However, on a harmonised basis, CPI was marked up to show an annual rate of price gains of 1.5%, versus an iniial estimate of 1.3%.

Costlier package holidays were the main factor behind the CPI gains, which rose by 6.1% following a 9.0% drop in the month before, influenced by the late Whitsun holiday this year.

The rate of increase in energy costs meanwhile slowed from 4.2% in May to 2.5% for June, while food price gains picked-up from 0.9% to 1.2% although they remained below average.

In parallel, France's INSEE confirmed the acceleration in harmonised CPI from a 1.1% pace in May to 1.4% for June, driven by a jump in services prices.

At the core level meanwhile, CPI was ahead by 0.7% year-on-year after a 0.3% in May.