Inflation in Germany drops to 11-month low in January

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Consumer inflation in Germany fell in January more than expected, the Federal Statistical Office reports. The price increase was the lowest in almost a year. Consumer price index rose 1.4% year-on-year after the increase by 1.7% in December. In December, the index declined by 0.8% after rising 0.1%. Experts had expected a drop by 0.9%. Comparing domestic prices with EU prices, the Harmonized Index of Consumer Price (HICP) operates. In January, it grew by 1.7% compared to last year. HICP decreased by 1% in January compared with the December value. The inflation in import prices was 1.3% in December, which was the lowest value in 8 months. The final index data for January will be available on February 21. The Ministry of Economics of Germany declares that the country avoided a recession in the fourth quarter, and the manufacturing sector will begin to recover.

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