Preliminary June inflation figures for Germany released on Monday showed inflation easing again, with prices 2.2% higher than the same month last year.

That is a decline from the 2.4% figure for May, according to preliminary figures released by the Germany’s Federal Statistical Office.

Core inflation, which excludes volatile prices for food and energy, amounted to 2.9%. While services in particular became more expensive, energy became cheaper in June.

Compared to May, prices rose by 0.1% in June, according to the preliminary figures.

Economist Sebastian Dullien from the labour-affiliated Institute for Macroeconomics and Economic Research (IMK) said the slight bump in inflation in May was an outlier.

“The downward trend in inflation is intact and has now reasserted itself in June. A further slight decline in inflation is expected in the coming months,” he said.

A recent survey of German companies about plans for pricing by the Munich-based ifo Institute also indicated that inflation is likely to continue declining.

“The inflation rate will likely continue its slow decline and fall below the 2% mark in August for the first time since March 2021,” said Timo Wollmershäuser, ifo’s head of economic research.