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German inflation rises for third consecutive month in July

Xinhua, July 28, 2016 Adjust font size:

Germany's annual inflation rate rose for the third consecutive month in July, but remained far below the European Central Bank's target, official data showed on Thursday.

Consumer price index (CPI) in Germany rose by 0.4 percent in July from the same month of last year, following an increase of 0.3 percent in June, said German federal statistics office Destatis.

The increase was mainly due to growth of food and services prices. Energy prices, which fell by 7 percent annually, remained a drag.

Measured with the harmonized index of consumer prices (HICP), German annual inflation in July also climbed to 0.4 percent from 0.2 percent in June.

However, the inflation level was still far below European Central Bank's target of "below, but close to 2 percent."

The central bank kept interest rates unchanged last week at record low levels, and is trying to spark inflation in the euro zone by injecting fresh money into the market. Endit