Financial News: German Inflation Confirmed At 2.1%

German Inflation Confirmed At 2.1%

(RTTNews) - Germany's consumer price inflation accelerated in January, as estimated, on higher food and services costs, final data from Destatis revealed Tuesday.

Destatis confirmed that consumer price inflation rebounded to 2.1 percent in January from 1.8 percent in December.

Similarly, EU harmonized inflation accelerated to 2.1 percent from 2.0 percent in the prior month. The rate matched the earlier estimate published on January 30.

"The rise in overall consumer prices intensified at the start of the year", Destatis President Ruth Brand said.

In particular, the price of food increased more in January than in the previous month, she noted. Furthermore, the increase in service prices continues to drive up inflation in January, Brand added.

Food prices posted an annual growth of 2.1 percent after rising 0.8 percent in December. At the same time, services inflation softened to 3.2 percent from 3.5 percent.

Core inflation, which excludes volatile food and energy prices, ticked up to 2.5 percent from 2.4 percent a month ago.

On a monthly basis, the consumer price index edged up 0.1 percent, as estimated, after remaining flat in December. Meanwhile, the harmonized index of consumer prices fell 0.1 percent, also matching the initial estimate.

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