German inflation rate slips again in July from month before

BERLIN (AP) — Germany’s annual inflation rate has declined slightly for the second consecutive month, but July’s pace of 7.5% is still within sight of the nearly half-century high it reached in May. Inflation in Europe’s biggest economy rose 7.9% in May from a year earlier, the highest level since the early 1970s, before slipping to 7.6% last month. Germany temporarily lowered taxes on diesel fuel and gasoline at the start of June and introduced an ultra-cheap ticket that allows people to use all local and regional public transportation for 9 euros a month. The measures are due to last for three months.