Deutsche Bundesbank Monthly Report, July 2004

The Deutsche Bundesbank published the English version of its July 2004 monthly report on 5 August. June saw a slowdown in the rise in consumer prices, with the general price level falling slightly in seasonally adjusted terms.

"The economic upturn in industry continued in May with a renewed sharp increase in orders received and output. Export orders, in particular, showed a further rise - after the elimination of seasonal variations and changes in the number of working days - and were well above

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