Financial News: German Inflation Slows As Estimated In April

German Inflation Slows As Estimated In April

(RTTNews) - Germany's consumer price inflation softened as initially estimated in April largely due to base effects, official data revealed Wednesday.

Consumer price inflation slowed to 7.2 percent in April from 7.4 percent in March, final data from Destatis showed. The rate matched the estimate published on April 28.

"The rate of inflation has therefore slowed for the second month in a row but remains at a high level", Federal Statistical Office President Ruth Brand said. Food prices continued to be the biggest driver of inflation in April, Brand said.

Food prices surged 17.2 percent annually but this was slower than the 22.3 percent gain in March.

Energy product prices were 6.8 percent higher than in the same period last year. Energy prices accelerated again in April following a marked slowdown in March.

Excluding energy and food, inflation was only 5.8 percent in April. Prices of goods were up 9.3 percent and that of services climbed 4.7 percent annually.

On a monthly basis, consumer prices climbed 0.4 percent as initially estimated, after rising 0.8 percent in March.

The EU measure, the harmonized index of consumer prices, also slowed in April, as initially estimated to 7.6 percent from 7.8 percent in March. The HICP moved up 0.6 percent month-on-month, also in line with the preliminary estimate, following a 1.1 percent gain in the previous month.

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