German Inflation Accelerates

(RTTNews) - German inflation accelerated in April fueled by higher energy prices, yet remained below expectations, flash estimate published by Destatis showed Wednesday.

Consumer price inflation rose to 2.9 percent in April from 2.7 percent in March. Inflation was expected to rise to 3.0 percent.

EU harmonized inflation also advanced less-than-expected to 2.9 percent from 2.8 percent. Economists had forecast the rate to rise to 3.1 percent.

Data showed that energy prices surged 10.1 percent from a year ago, marking the biggest rise since February 2023.

Consequently, core inflation that excludes food and energy prices, softened to 2.3 percent from 2.5 percent.

Services inflation eased to 2.8 percent from 3.2 percent. Meanwhile, goods cost rose at a faster pace of 2.9 percent after climbing 2.3 percent. On a monthly basis, the consumer price index climbed 0.6 percent compared to economists' forecast of 0.7 percent. The harmonized index of consumer prices gained 0.5 percent, slower than forecast of 0.8 percent. Final data is due on May 12.