German Inflation Accelerated to 2.8% in July as Energy Inflation Jumped From 3.4% to 8.3%

Germany's Federal Statistical Office said in a preliminary estimate on Thursday, 30 July 2026, that the country's annual inflation rate accelerated to 2.8% in July 2026, up from 2.3% in June. The reading came in above the market expectation of 2.7% and is the highest German inflation rate since April this year.

The main driver was a sharp pickup in energy inflation, which jumped from 3.4% to 8.3%, attributed to higher oil prices following renewed tensions in West Asia. Working the other way, services inflation eased from 3.1% to 2.9%, and core inflation, which excludes energy and unprocessed food, edged down from 2.5% to 2.4%.

The EU-harmonised inflation rate also rose to 2.8%, its highest level in three months and well above the European Central Bank's 2.0% target. The final estimate of German July inflation is due to be published on 12 August 2026.