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German inflation seen rising to 1.2 percent

German inflation seen rising to 1.2 percent

Preliminary data show that Germany's annual inflation rate crept up to 1.2 percent in May because of higher oil prices.
The Federal Statistical Office estimated Thursday that the year-on-year rise in consumer prices was up from 1 percent in April. It said the main reason was "sharp price rises for heating oil and motor fuels."
The increase was in line with economists' expectations.
The statistical office said prices were up 0.1 percent on the month. Germany has the 16-nation eurozone's biggest economy.
Final May inflation figures are due on June 10 but they rarely differ significantly from the preliminary estimate.


Updated : 2021-01-27 00:02 GMT+08:00