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Financial News: German Inflation At 11-month Low

German Inflation At 11-month Low

01/30/2019 - 08:28:00 (RTTNews)

(RTTNews) - Germany's headline consumer price inflation slowed more-than-expected to its lowest level in nearly a year in January, preliminary data from the Federal Statistical Office showed on Wednesday.

The consumer price index rose 1.4 percent year-on-year following a 1.7 percent increase in December. Economists had forecast an inflation rate of 1.6 percent.

On a month-on-month basis, the CPI fell 0.8 percent in January, in line with economists' expectations. Prices edged up 0.1 percent in November.

The harmonized index of consumer prices, which is meant for EU comparison, rose 1.7 percent year-on-year in January, the same pace as in December.

Compared to the previous month, the HICP decreased 1 percent in January.

The statistical office reported earlier on Wednesday that Germany's import price inflation eased sharply in December to 1.3 percent, its lowest level in eight months.

The statistical office is set to release the final CPI and HICP data for January on February 21.

The German economy likely avoided a technical recession in the fourth quarter, the economy ministry has said. The manufacturing sector is also expected to pick-up steam once the dampening impact from the implementation of the WLTP emission tests gets over.

Survey data from the market research group GfK showed on Wednesday that Germany's consumer confidence is set to improve in February, defying expectations for a modest easing.

The forward-looking GfK consumer confidence indicator for February rose to 10.8 from a revised 10.5 in January. Economists had forecast a score of 10.3.

Income expectations and propensity to buy improved further, while households assessed the general economic outlook less optimistically for a fourth straight month.

Encouraged by a good start to the year, the GfK predicted an increase of 1.5 percent in private consumption in Germany this year.

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