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Financial News: German Inflation Steady At 1.7% In February

German Inflation Steady At 1.7% In February

02/28/2020 - 08:29:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation was unchanged in February, while the EU measure of price growth rose, preliminary estimates from the statistical office Destatis showed on Friday. The consumer price index rose 1.7 percent year-on-year, same as in January, which was the highest since July, when it was at the same level. The inflation rate was in line with economists' expectations.

Energy price growth slowed to 2 percent from 3.4 percent, while food inflation accelerated to 3.3 percent from 2.3 percent. Compared to the previous month, the CPI rose 0.4 percent in February, partly reversing a 0.6 percent fall at the start of the year. Economists had forecast a 0.3 percent increase.

The harmonized index of consumer prices, or HICP that is meant for EU comparison, rose 1.7 percent annually in February after a 1.6 percent increase in January. Economists had expected the rate to remain unchanged. The latest HICP inflation rate was the highest since April 2019, when it was 2.1 percent.

On a month-on-month basis, the HICP rose 0.6 percent in February after a 0.8 percent decrease in the previous month. Economists were looking for a 0.4 percent gain.

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