BERLIN: Consumer prices in Germany keep rising but they are still way below annual inflation targets, new data has shown. An uptick in May indicated that the ECB’s bond-purchasing program was finally impacting eurozone nations.
German inflation rose 0.7 percent in May on the year, data from Germany’s Federal Statistical Office, Destatis, said Monday. It was the highest increase in seven months and moved Europe’s largest economy further away from the -0.3 percent price development recorded in January.
The May hike came on the back of a 0.5 percent rise in consumer prices in April, but it was still way under the European Central Bank’s (ECB) annual inflation target of just below 2 percent.