Consumer prices were unrevised in the final report for May. A 0.5 percent monthly increase put the annual inflation rate at 2.2 percent, also in line with its provisional estimate and up fully 0.6 percentage points from its final April reading.
The flash HICP similarly matched its flash outturns with a 0.6 percent monthly advance and a 2.2 percent yearly increase, the latter some 0.8 percentage points above its final April outturn.
Much, but not all, of the CPI's yearly acceleration was attributable to the more volatile categories. In particular, energy inflation climbed from 1.3 percent to 5.1 percent. Food (3.5 percent after 3.4 percent) provided a smaller boost. Still, even excluding both categories the May data were strong with the underlying rate increasing 0.2 percentage points to 1.6 percent. That said, the gain here simply unwound the decline recorded in April.
Core inflation is probably rising in Germany but only quite slowly. Unless reversed, the recent loss of economic momentum suggests that any future rises will remain relatively limited.