Thursday, 23 May 2024

Germany: Inflation falls to its lowest level in about 3 years

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Final data from Germany’s Federal Statistics Office showed on Friday that inflation fell in March thanks to a decline in energy and food prices.

According to Reuters, inflation in Europe’s largest economy recorded 2.3 percent, the lowest level since June 2021. Consumer prices, coordinated to facilitate comparison with other countries in the European Union, rose 2.7 percent on an annual basis in February.

Core inflation, which excludes volatile food and energy prices, was 3.3% in March, down from 3.4% in February.

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Food prices fell by 0.7% on an annual basis, and energy prices fell by 2.7% in March compared to the same month last year. Overall service prices increased by 3.7% in March on an annual basis.

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