Germany's Federal Statistical Office reported on Thursday the country’s consumer price index (CPI) is expected to increase 0.3 percent m-o-m in June, following a 0.2 percent m-o-m advance in the previous month.

On the y-o-y basis, Germany’s inflation rate is seen to rise 1.6 percent this month after a 1.4 percent gain in May.

Economists had predicted inflation would increase 0.1 percent m-o-m and 1.4 percent y-o-y in June.

According to the report, food price growth accelerated to 1.2 percent y-o-y in June from 0.9 percent y-o-y in May, while energy inflation slowed to 2.2 percent y-o-y from 4.2 percent y-o-y. Services costs climbed 2.0 percent y-o-y following a 1.2 percent y-o-y jump in the previous month.