BERLIN (Reuters) – German inflation rose more than forecast to 2.9% in December, preliminary data from the federal statistics office showed on Monday.
Analysts polled by Reuters had forecast a reading of 2.6% in December, after a year-on-year increase in consumer prices of 2.4% in November, based on data harmonised to compare with other European Union countries.
Core inflation, which excludes volatile food and energy prices, went up to 3.1% from 3.0% in November.
Energy prices fell by 1.7% compared with the previous year, while food prices rose by 2.0% year-on-year in December, data from the statistics office showed.
Economists pay close attention to national inflation data, as Germany publishes its figures one day before the euro zone inflation data release.
Euro zone inflation is expected to rise to 2.4% in December from 2.2% in November.
The European Central Bank expects inflation to settle at its 2% target this year after hitting double digits in the wake of Russia’s full-scale invasion of Ukraine in 2022.
(Reporting by Maria Martinez, Writing by Friederike Heine, Editing by Miranda Murray)
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