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Financial News: Germany's Inflation Eases Less Than Estimated

Germany's Inflation Eases Less Than Estimated

05/14/2020 - 04:19:00 (RTTNews)

(RTTNews) - German inflation eased in April to the lowest since 2016 largely due to lower energy prices amid coronavirus pandemic, final data from Destatis revealed Thursday.

Consumer price inflation eased less-than-estimated to 0.9 percent in April from 1.4 percent in March. This was slightly higher than the initial estimate of 0.8 percent. This was the lowest rate seen since November 2016, when prices were up 0.8 percent.

On a monthly basis, consumer prices gained 0.4 percent instead of 0.3 percent estimated on April 29.

Consumer prices declined mainly due to fall in energy, clothing and footwear prices and package holidays.

Excluding food and energy, inflation came in at 1.2 percent. Energy prices were down 5.8 percent and clothing and footwear cost decreased 0.9 percent. Meanwhile, food prices advanced notably by 4.8 percent.

Inflation, based on the harmonized index of consumer prices, slowed to the lowest level seen since November 2016. The HICP climbed 0.8 percent annually, following a 1.3 percent rise in March. The rate came in line with the preliminary estimate.

Month-on-month, the HICP moved up 0.4 percent, also in line with expectations, following a 0.1 percent rise in March.

Another report from Destatis revealed that wholesale prices declined at a faster pace of 3.5 percent annually after easing 1.5 percent in March.

On a monthly basis, wholesale prices dropped 1.4 percent in April.

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