Germany inflation rises to 2.8% in July

German inflation rose to 2.8% in July from 2.3% in June, provisional data from statistics office Destatis showed Thursday.

Energy prices increased 8.3%, a faster rate of growth than in May or June. Excluding volatile food and energy costs, inflation was 2.4%.

Energy costs have been volatile after the collapse of a fragile ceasefire in the Middle East war and Iran's declaration that the Strait of Hormuz was closed. A German fuel duty cut designed to shield consumers from price rises also expired at the end of June.

Germany accounts for about a quarter of euro area GDP. European Central Bank President Christine Lagarde said after the bank held rates last week that some governors had asked whether a rate increase should be considered.