Financial News: German Inflation Confirmed At 2.2%, Lowest In 34

German Inflation Confirmed At 2.2%, Lowest In 34 Months

04/12/2024 - 03:07:00 (RTTNews)

(RTTNews) - German consumer price inflation eased to the lowest level in nearly three years, as initially estimated in March amid lower costs for food and energy, final data from Destatis revealed Friday.

Consumer price inflation slowed to 2.2 percent in March from 2.5 percent in February. That was in line with the flash data published earlier.

Moreover, the latest inflation was the weakest since May 2021, when prices had risen the same 2.2 percent.

Excluding energy and food, core inflation was 3.3 percent in March. This was well above the European Central Bank's 2 percent target.

Energy prices were 2.7 percent lower compared to last year, and food prices dropped 0.7 percent. Meanwhile, costs for services rose 3.7 percent, and transport charges were 2.0 percent more expensive.

On a monthly basis, consumer prices moved up 0.4 percent in March, as estimated.

Inflation, based on the harmonised index of consumer prices, or HICP, slowed to 2.3 percent from 2.7 percent. Month-on-month, the HICP rose 0.6 percent. There was no change in figures compared to the previous estimate.

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