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German inflation falls more than expected
Inflation in Germany fell to 2.9% year-on-year in January 2024, down from 3.7% in the previous month and below market estimates (3%). This was announced by the German Statistical Office in the preliminary estimate. This is the lowest rate since June 2021, driven by a slowdown in goods inflation (2.3% versus 4.1% in December). For goods, energy costs fell 2.8%, following a 4.1% increase in December, while food fell from 4.5% to 3.8%. Services, however, increased slightly (3.4% versus 3.2%). Core inflation, which excludes food and energy, fell to 3.4% in January, hitting its lowest rate since June 2022. On a monthly basis, consumer prices rose to 0.2% from 0.1% of December 2023. The EU’s harmonized index of consumer prices slowed to 3.1% from 3.8% in December, also falling slightly below expectations of 3.2%
