Germany's annual inflation, measured under the EU methodology, increased in July, and exceeded economists' forecast, preliminary data released by statistical office Destatis showed Wednesday.

The harmonized index of consumer prices (HICP) increased 2.6 percent annually in July, faster than the 2.4 percent growth seen in June. Economists were expecting an inflation rate of 2.4 percent.

On a monthly basis, the HICP advanced 0.5 percent in July, after remaining flat in the previous month. Economists had forecast a 0.3 percent monthly increase.

At the same time, the consumer price index (CPI) grew 2.4 percent year-on-year in July, following June's 2.3 percent growth. Economists had forecast a 2.3 percent rise.

Month-on-month, the CPI rose 0.4 percent, faster than the 0.1 percent increase recorded in June. Economists expected the CPI to gain 0.3 percent.

rttnews.com