Financial News: German Inflation Stable At 8.7%, As Estimated

German Inflation Stable At 8.7%, As Estimated

03/10/2023 - 03:48:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation held steady in February, as initially estimated, the latest data from Destatis showed on Friday.

The consumer price index climbed 8.7 percent year-over-year in February, the same increase as in January. That was in line with the flash data published on March 1.

In February, a slowdown in energy prices was offset by an acceleration in the price growth of food items, the agency said.

?Excluding energy and food, the inflation rate in February was 5.7 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.

The prices for goods as a whole showed a double-digit annual growth of 12.4 percent, and those for services grew 4.7 percent.

Inflation, based on the harmonized index of consumer prices, increased marginally to 9.3 percent in February from 9.2 percent a month ago. There was no change in figures compared to the initial estimate.

Month-on-month, the HICP grew 1.0 percent in February versus a 0.5 percent gain in January. Consumer prices moved up 0.8 percent in February after rising 1.0 percent in the prior month, as estimated.

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