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By Maria Martinez
BERLIN (Reuters) – German inflation fell to its lowest level in more than three years in August, a second estimate confirmed on Tuesday, making it easier for the European Central Bank to cut interest rates this week.
Inflation eased to 2.0% in August, its lowest level since June 2021, thanks to lower energy prices.
German consumer prices, harmonised to compare with other European Union countries, had risen by 2.6% year-on-year in July.
Core inflation, which excludes volatile food and energy prices, slowed slightly to 2.8% in August from 2.9% the previous month.
In August, energy prices in Germany fell by 5.1% compared to the same month last year.
On the other hand, the rise in food prices accelerated for the fifth consecutive month. The prices of food were 1.5% higher in August than in the same month a year earlier, data from the statistics office showed.
The increase in service prices was markedly higher than overall inflation, posting a 3.9% rise in August year-on-year.
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https://www.investing.com/news/economy-news/german-inflation-falls-to-the-lowest-level-in-more-than-three-years-3608598
Reuters