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Financial News: German Inflation Slows For Third Month

German Inflation Slows For Third Month

06/16/2020 - 09:56:00 (RTTNews)

(RTTNews) - German consumer price inflation eased for a third straight month in May to the lowest since 2016, final data from Destatis showed on Tuesday.

The consumer prices rose 0.6 percent in May, following a 0.9 percent increase in April, as initially estimated.

A similar lower rate of inflation was seen in September 2016.

On a monthly basis, consumer prices dropped 0.1 percent in May, as estimated.

Data showed that cost of goods fell 0.4 percent annually in May due to the decline in energy prices, while cost of services increased 1.3 percent.

Excluding energy, inflation came in at 1.6 percent. Energy prices declined 8.5 percent. Meanwhile, food prices grew by 4.5 percent

Inflation based on the EU measure of harmonized index of consumer prices, or HICP, slowed to 0.5 percent in May, as estimated.

On a month-on-month basis, the harmonized index of consumer prices remained flat in May from 0.8 percent in April, as initially estimated.

Separate data from the statistical office showed that the wholesale prices fell 4.3 percent annually in May, following a 3.5 percent decline in April. This was the fourth consecutive fall.

On a monthly basis, wholesale prices fell 0.6 percent in May, following a 1.4 percent decline in the previous month.

In May, the effects of the coronavirus crisis on wholesale prices was seen particularly in the prices of petroleum products, the agency said.

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