Germany’s annual consumer inflation rate came in at 8.7% in February, unchanged from a month ago, according to preliminary data from the country’s statistical office on Wednesday.
The figure surprised the market as economists had estimated the figure would decrease to 8.5%.
While price growth of energy slowed down in February compared to the previous month, it accelerated for food.
Cost of energy rose 19.1% year-on-year in February, down from 23.1% in January, thanks to measures of the government’s third relief package, the Federal Statistical Office (Destatis) said.
Food prices surged 21.8% on an annual basis versus a 20.2% gain a month ago.
On a monthly basis, Germany’s consumer prices index is estimated to rise 0.8% in February, easing from a hike of 1% in January.
Source: Anadolu Agency