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Financial News: German Inflation Weakest Since Mid-2021

German Inflation Weakest Since Mid-2021

03/12/2024 - 04:34:00 (RTTNews)

(RTTNews) - German consumer prices posted its weakest rise since mid-2021, as initially estimated, on weaker energy and food prices in February, final data from Destatis revealed Tuesday.

The consumer price inflation slowed to 2.5 percent in February from 2.9 percent in January. The last time inflation was lower was in June 2021, when it stood at 2.4 percent.

Excluding energy and food, core inflation was 3.4 percent, the same as in January and matched flash estimate. This was well above the European Central Bank's 2 percent target.

On a monthly basis, inflation doubled to 0.4 percent, in line with estimate, from 0.2 percent.

Inflation, based on the harmonized index of consumer prices or HICP, slowed to 2.7 percent from 3.1 percent. Month-on-month, the HICP rose 0.6 percent, in contrast to the 0.2 percent fall in January.

Both annual and monthly rates matched the estimate published on February 29.

"The price situation for energy products continues to ease," Destatis President Ruth Brand said.

"The increase in food prices has slowed markedly and is now below the overall inflation rate for the first time in more than two years," said Brand.

Energy prices were 2.4 percent lower than in the same period last year. At the same time, food prices climbed 0.9 percent annually, weaker than January's 3.8 percent rise.

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