German June CPI revised higher

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.