Inflation in Germany ticked up slightly in May to 2.4%

A woman holds money in her hand in front of a full shopping basket of groceries. Income for workers in Germany rose in the first quarter of 2024 even after adjusting for inflation, boosted by strong wage growth and bonuses paid by many employers. Patrick Pleul/dpa

Inflation in Germany picked up speed again in May, with prices rising 2.4% compared to the same month last year, preliminary figures showed on Wednesday.

That marks a slight uptick from April, when inflation was 2.2% compared to the same month in the previous year.

Economists had expected inflation to pick up in May and also pointed to higher wages, which could lead to price increases by companies.

According to preliminary data from Germany's Federal Statistical Office on Wednesday, consumers had to pay a total of 0.6% more for food in May than a year earlier.

Services are expected to have risen by 3.9%, and prices for insurance services rose particularly sharply.