German Inflation Rises As Estimated

(RTTNews) - Germany's consumer price inflation accelerated to the highest since late 2023 in April as energy prices surged due to geopolitical tensions, final data from Destatis showed Tuesday.

Consumer price inflation rose to 2.9 percent in April from 2.7 percent in March. The rate came in line with the estimate published on April 29 and also hit the highest since December 2023.

"Overall inflation increased for the second consecutive month as a result of another rise in energy prices that was due to the Iran war," Destatis President Ruth Brand said. "Consumers are particularly feeling the persistent price pressure regarding motor fuels," added Brand.

EU harmonized inflation edged up to 2.9 percent, as estimated, from 2.8 percent in March.

Core inflation that excludes food and energy prices stood at 2.3 percent in April.

Goods prices climbed at a faster pace of 2.9 percent in April, while services inflation eased to 2.8 percent and was slightly lower than overall inflation. Energy prices posted a double-digit growth of 10.1 percent.

Data showed that consumer prices climbed 0.6 percent on a monthly basis, following a 1.1 percent increase in March.

Similarly, the harmonized index of consumer prices gained 0.5 percent month-on-month, slower than the 1.2 percent rise seen in the previous month. Both CPI and HICP figures matched initial estimates.