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Financial News: German Inflation Slows To 2.9%, Lowest In 31

German Inflation Slows To 2.9%, Lowest In 31 Months

01/31/2024 - 08:31:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation softened more-than-expected in January to the lowest level in just over two-and-a-half years, provisional data from Destatis showed on Wednesday.

The consumer price index registered an annual increase of 2.9 percent in January, following a 3.7 percent rise in December.

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, data said. Meanwhile, Food prices were 2.8 percent more expensive.

Excluding food and energy, core inflation moderated somewhat to 3.4 percent from 3.5 percent.

On a monthly basis, consumer prices moved up 0.2 percent in January, as expected.

Inflation, based on the harmonised index of consumer prices, also slowed to 3.1 percent in January from 3.8 percent a month ago. The expected rate was 3.2 percent.

Monthly, the HICP dropped 0.2 percent in January, while prices were forecast to decrease by 0.1 percent.

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