DBGR - German inflation eases further to 7-month low in March on energy cost

2023-03-30 08:31:49 ET

• Germany's consumer price inflation eased further to 7.4 percent year-on-year in March 2023, down from 8.7 percent in the previous two months and compared with market expectations of 7.3 percent, a preliminary estimate showed.
• The rate hit its lowest level since August 2022, but remained well above the ECB's target of 2.0 percent.
• Energy inflation slowed sharply to 3.5 percent from 19.1 percent in February, while food prices increased at a faster 22.3 percent, compared with a 21.8 percent rise the month before.
• At the same time, services inflation picked up slightly to 4.8 percent from 4.7 percent, with rent prices advancing 2.0 percent, the same pace as in February.
• The EU-harmonized annual inflation rate also slowed less than expected to 7.8 percent in March from 9.3 percent in the previous period.
• "It is not only higher energy and commodity prices which are being passed through to consumers, it is also widening profit margins in some sectors which are contributing to inflationary pressures," the economists wrote in a note.
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