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The competent authority thus confirmed the preliminary data. Previously, inflation had weakened for three consecutive months. In May, this rate was 6.1 percent.
“Food is still the strongest price factor. In addition, the federal government’s aid measures, such as a 9-euro ticket and fuel discount from 2022, have a base effect that increases the current inflation rate,” he said.
A year ago, the 3-month-limited measures limited the increase in consumer prices. This effect is now gone. Economists therefore view the current increase primarily as a temporary phenomenon.
Inflation is a burden for consumers. It reduces their purchasing power. People can afford less for a euro.
In June, food prices increased by 13.7 percent compared to the same month of the previous year. After all, prices rose less than in May (14.9 percent). Consumers had to pay significantly more for dairy products (22.3 percent) and sugar, jam, honey and other confectionery (19.4 percent) in June. Vegetables (18.8 percent) and bread and cereals (18.3 percent) also became noticeably more expensive within a year.
Energy prices, which rose rapidly due to Russia’s war of aggression against Ukraine a year ago, grew below 3 percent on average. Price brakes for electricity, natural gas and central heating also provided relief.
In June, consumer prices increased by 0.3 percent in total compared to the previous May. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
