Germany’s CPI inflation confirmed at 2.2% in April

Annual consumer price inflation in Germany was confirmed at 2.2% in April, or unchanged compared to March, a final estimate by the Federal Statistical Office showed on Tuesday.

It has been the lowest CPI inflation reading since May 2021.

Last month, services inflation slowed to 3.4% from 3.7% in March, while energy costs dropped at a smaller rate, 1.2% YoY compared to 2.7% YoY in March.

On the other hand, food prices rose 0.5% YoY in April, while rebounding after a 0.7% YoY drop in March.

Meanwhile, Germany’s annual core CPI inflation, which excludes volatile categories such as food and energy, decelerated to 3% in April, which marked the lowest rate since March 2022.

The country’s annual harmonized inflation rate picked up to 2.4% in April from 2.3% in March, an almost three-year low.

In monthly terms, German consumer prices increased 0.5% in April, or the most in 13 months, following a 0.4% rise in March.

The Euro was last 0.10% firmer on the day against the Japanese Yen, with the EUR/JPY currency pair trading at 168.705.

Earlier during the European session, the minor Forex pair touched a fresh two-week high of 168.864.