Financial News: German Inflation Remains Stable At 8.7%

German Inflation Remains Stable At 8.7%

03/01/2023 - 08:39:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation held steady in February, as a slowdown in energy prices was offset by an acceleration in the price growth of food stuffs, preliminary data from Destatis showed on Wednesday.

The consumer price index climbed 8.7 percent year-over-year in February, the same increase as in January. Meanwhile, economists had expected inflation to ease to 8.5 percent.

The annual price growth in energy eased to 19.1 percent in February from 23.1 percent in the prior month. On the other hand, food prices grew at a faster pace of 21.8 percent, following a 20.2 percent rise in January.

Inflation, based on the harmonized index of consumer prices, increased marginally to 9.3 percent in February from 9.2 percent a month ago. The expected rate of growth was 9.0 percent.

Month-on-month, the HICP grew 1.0 percent, faster than the forecast of 0.7 percent. Data showed that consumer prices gained 0.8 percent compared to economists' expectations of 0.6 percent.

The final data for February will be published by the statistical office on March 10.

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