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German inflation down to 1.1 percent in December

German inflation down to 1.1 percent in December

Germany's annual inflation rate sank to 1.1 percent in December as oil prices continued to slide, according to preliminary data released Tuesday.
The year-on-year increase in consumer prices compared with a 1.4 percent rise in November. The rate has been sliding since it peaked at 3.3 percent in June and July.
The Federal Statistical Office said this year's rise and fall in prices was caused by spiking and then sinking prices of oil and energy, as well as some foods.
It estimated that Germany's annual inflation rate averaged 2.6 percent over the whole of 2008 _ the highest level since it hit 2.8 percent in 1994.
Tuesday's estimate for December and annual figures was based on data from six of Germany's 16 states. Final figures are due on Jan. 15, but they rarely deviate significantly from the estimate.
Data from Germany, which has Europe's biggest economy, are important to interest rate decisions by the European Central Bank which meets Jan. 15.


Updated : 2021-07-28 15:11 GMT+08:00