Germany’s annual inflation rate slowed to 2.3% in June 2026, confirming preliminary estimates and down from 2.6% in May. It was the lowest rate since February, as goods inflation fell to 1.7% from 2.2%, driven by easing energy price pressures (3.4% vs 6.6%), with motor fuel costs (11.3% vs 18.0% in May) and heating oil prices (29.4% vs 47.9%) both rising at a slower pace. Food inflation remained steady at 0.4%, with sugar, jam, honey and other confectionery rising 4.8%, fish, fish products and seafood gaining 3.3%, and meat and meat products increasing 2.4%, offset by declines in edible fats and oils (-14.7%) and dairy products (-6.2%). Services inflation also remained steady at 3.1%, while core inflation, which excludes food and energy, held at 2.5%. On a monthly basis, CPI fell 0.3% in June, matching preliminary estimates, following a 0.2% decline in May. The EU-harmonized annual inflation rate also slowed to 2.4% from 2.7%, though it remained slightly above the ECB’s 2% target.

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