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Financial News: German Inflation Confirmed At 2-year High

German Inflation Confirmed At 2-year High

05/12/2021 - 04:05:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation hit a two-year high in April, final data from Destatis confirmed Wednesday.

The consumer price index rose 2.0 percent year-on-year following 1.7 percent increase in March.

The latest inflation rate was the highest since April 2019, when it was at the same level.

The preliminary estimates for all figures were confirmed.

Energy inflation accelerated to 7.9 percent from 4.8 percent. Food price growth climbed to 1.9 percent from 1.6 percent. Services prices rose 1.6 percent, same as in the previous month.

Excluding energy, annual inflation was 1.4 percent in April.

Compared to the previous month, the CPI climbed 0.7 percent in April, driven largely by an increase in food prices, after a 0.5 percent rise in March.

The harmonized index of consumer prices, which is meant for EU comparison, rose 2.1 percent year-on-year in April after a 2.0 percent increase in the previous month. The HICP inflation rate was also the highest since April 2019.

On a month-on-month basis, the HICP rose 0.5 percent from March, when it increased at the same pace.

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