ISTANBUL

The consumer price index (CPI) in Germany was stable at 2% in July on a yearly basis, above market expectations, according to preliminary estimates released on Thursday.

The figure was at 2% in June, its lowest level since last October, Federal Statistical Office (Destatis) data showed.

The CPI figures were at 2.1% in May and April and 2.2% in March, down from a 14-month high of 2.6% in December.

Energy prices continued to see a significant decline in July, falling 3.4% year-on-year.

Meanwhile, above-average increases in services and food prices continued to drive up inflation with increases of 3.1% and 2.2%, respectively.

The inflation rate excluding food and energy, often referred to as core inflation, was at 2.7% in June on an annual basis, stable from the previous month.

Compared to June, consumer prices rose 0.3% in July, up from 0% in the previous month, also exceeding estimates.