(News Bulletin 247) – The annual inflation rate slowed markedly in March in Germany, while still remaining well above the target set by the European Central Bank (ECB).
Consumer prices rose 7.4% year on year this month, according to preliminary figures released Thursday by Destatis, the federal statistics office.
This figure marks a sharp slowdown compared to the 8.7% increase recorded in both January and February, the institute said.
This slowdown was largely due to the base effect affecting energy prices, which were up only 3.5% year-on-year in March, compared with a jump of 19.8% the previous month.
Over one month, prices rose by 0.8%, again according to these preliminary data.
Knowing that the ECB has set itself the objective of bringing inflation in the euro zone back to around 2% on an annual basis, these figures confirm the scenario of a continuation of the aggressive tightening operated by the central bank.
The first inflation estimate for the whole of the euro zone for the month of March will be published tomorrow at 11:00 am. The consensus gives it at 7.1% on an annual basis, after 8.5% in February.
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