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Financial News: German Inflation Confirmed At 2.9%, Lowest In 31

German Inflation Confirmed At 2.9%, Lowest In 31 Months

02/09/2024 - 03:49:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation softened to the lowest level in just over two-and-a-half years, as initially estimated in January, the latest data from Destatis showed on Friday.

The consumer price index registered an annual increase of 2.9 percent in January, slower than the 3.7 percent rise in December. That was in line with the flash data published on January 31.

Further, this was the weakest inflation rate since June 2021, when prices had risen 2.4 percent.

The 2.8 percent annual fall in energy prices was mainly attributed to the recent downward trend in inflation, the data said.

Food price inflation moderated to 3.8 percent from 4.6 percent a month ago.

Prices for goods were 2.3 percent more expensive, and those for services grew by 3.4 percent.

Excluding food and energy, core inflation eased somewhat to 3.4 percent from 3.5 percent, as estimated.

On a monthly basis, consumer prices moved up 0.2 percent in January, confirming the flash data.

Inflation, based on the Harmonised Index of Consumer Prices, also slowed to 3.1 percent in January from 3.8 percent a month ago. Monthly, the HICP dropped 0.2 percent. There was no change in figures compared with the initial estimate.

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