Germany's
Federal Statistical Office (Destatis) informed on Wednesday the country’s
consumer price index (CPI) is estimated to rise 0.2 per cent m-o-m in January
2024 after increasing 0.1 per cent m-o-m in December
2023. That would mark the largest monthly gain in
the index since September
2023 (+0.3 per cent m-o-m).
On a y-o-y
basis, Germany’s CPI is seen to increase 2.9 per cent in January, following a 3.7 per cent surge in the
previous month. That
would be the weakest annual advance since June 2021 (+2.4 per cent).
Economists had expected
CPI would rise by 0.2 per cent m-o-m and by 3.0 per cent y-o-y in January.
According to
the report, energy prices fell by 2.8 per cent y-o-y this month, following
a surge of 4.1 per cent y-o-y in December. At the same time, the food prices
climbed by 3.8 per cent y-o-y, slowing sharply from 4.5 per cent y-o-y in the
previous month, while the services costs jumped by 3.4 per cent y-o-y,
hastening from 3.2 per cent y-o-y.
Meanwhile, the
harmonized index of consumer prices for Germany (HICP), which is calculated for
European purposes, is estimated to decrease by 0.2 per cent m-o-m and to jump by
3.1 per cent y-o-y.
Economists had predicted a 0.1 per cent m-o-m drop and a 3.2 per cent y-o-y climb
for January. In December, the German HICP rose by 0.2 per cent m-o-m and soared
by 3.8 per cent y-o-y.