Germany’s consumer price inflation accelerated to its highest level in two years in April, preliminary data from Destatis showed Thursday.

The consumer price index rose 2.0 percent year-on-year following 1.7 percent increase in March. Economists had forecast 1.9 percent inflation.

The latest inflation rate was the highest since April 2019, when it was at the same level.

Energy inflation accelerated to 7.9 percent from 4.8 percent. Food price growth climbed to 1.9 percent from 1.6 percent. Services prices rose 1.6 percent, same as in the previous month.

Compared to the previous month, the CPI climbed 0.7 percent in April after a 0.5 percent rise in March. Economists had expected the monthly inflation rate to remain steady.

The harmonized index of consumer prices, which is meant for EU comparison, rose 2.1 percent year-on-year in April after a 2.0 percent increase in the previous month. Economists had forecast a 2.0 percent inflation. The HICP inflation rate was also the highest since April 2019.

On a month-on-month basis, the HICP rose 0.5 percent from March, when it increased at the same pace. Economists had expected a 0.4 percent climb.

Destatis is set to publish the final figures for April inflation on May 12.

The material has been provided by InstaForex Company –

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