Germany – core inflation fell to 2.2% y/y, not since April 2021

Germany – core inflation fell to 2.2% y/y, not since April 2021
Germany – core inflation fell to 2.2% y/y, not since April 2021
According to preliminary data, the inflation rate in Germany fell to 2.2% y/y in March (2.5% y/y in Norway), which is the lowest rate since April 2021. The main factor behind the decrease in the inflation rate was energy prices (-2 .7% y/y) and food prices (-0.7% y/y). On a core level (excluding energy and food prices), inflation reached 3.3% y/y and fell by only 1 tenth in the previous month. Even the prices of services accelerated to 3.7% y/y (3.4% in Norway). According to the Eurostat methodology (HICP), headline inflation in Germany fell to 2.3% y/y (2.7% y/y in Norway). The fall in the rate of inflation supported the ECB’s arguments for rate cuts, on the other hand, the stable development of core inflation and external services will hinder a rapid turnaround in monetary policy.

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Tags: Germany core inflation fell April


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