By Ed Frankl German inflation fell in May, confirming preliminary estimates, after energy prices eased further, though underlying pressures on household...
By Ed Frankl German inflation fell in May, confirming preliminary estimates, after energy prices eased further, though underlying pressures on household spending remain strong.
The consumer price index--which measures what consumers pay for goods and services--increased 6.1% in May compared with the same month a year earlier, according to data from the German Federal Statistics Office Destatis released Tuesday, in line with forecasts by economists polled by The Wall Street Journal. In April, prices rose 7.2% on year.
The decline, which pushes inflation to its lowest level since March 2022, was driven by energy prices, which rose 2.6% in May on year compared with 6.8% in April. Food inflation remained high, but slowed too, to 14.9% in May from 17.2% in the prior month. "The year-on-year increase in energy prices was much smaller in May, and food prices continued to be the biggest driver of inflation," Ruth Brand, president of Destatis, said.
Services inflation, of key interest to the European Central Bank in its assessment of core inflation, eased only slightly, prompted by the introduction of a discounted countrywide transport ticket, with prices increasing by 4.5% in May, from 4.7% in April.
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