German July Inflation Confirmed at 3-Month High of 2.8%

Germany’s annual inflation rate accelerated to 2.8% in July 2026, confirming preliminary estimates, up from 2.3% in June. It was the highest reading since April, driven by a sharp rise in energy inflation to 8.3% from 3.4%, as renewed Middle East tensions pushed oil prices higher. Motor fuel costs accelerated sharply (23.0% vs 11.3% in June), due to the renewed price increase following the discontinuation of the temporary reduction in energy tax on motor fuels on June 30, 2026. Meanwhile, services inflation eased to 2.9% from 3.1%, while food inflation remained unchanged at 0.4%. Core inflation, which excludes energy and unprocessed food, inched down to 2.4% from 2.5%. On a monthly basis, consumer prices rose 0.8% in July, rebounding from a 0.3% fall in June and marking the fastest increase since March. The EU-harmonized inflation rate also accelerated to 2.8%, its highest level in three months and well above the European Central Bank’s 2.0%

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