The flash CPI was unrevised in the final data for July. This left a 0.3 percent monthly rise and a 2.0 percent annual inflation rate, down just a tick from June's final mark and the first fall since February.
The final HICP similarly matched its flash outturn and so still shows a 0.4 percent monthly gain and a 2.1 percent yearly rate that was in line with its final June outturn.
Underlying developments were neutral to mildly negative. Hence, excluding just household energy, prices were up 0.3 percent versus June which made for a 1.5 percent annual rate, down a tick from last time. The narrower core, which omits food as well, saw a 0.5 percent monthly increase that left its yearly rate flat at 1.4 percent.
In other words, the final July data suggest that, despite ongoing pressure on capacity, German inflation remains on a very gently rising trend. This may not sit too well with the ECB amidst recent early indications that the slowdown in Eurozone growth may be rather more entrenched than first thought.