Inflation slowed in Germany in January

In January, the consumer price index in Germany was 2.3 percent higher than a year earlier. A month earlier, in December, annual inflation stood at 2.6 percent, an 11-month high, and the analyst consensus had been for 2.6 percent for January as well.

On a monthly basis, the consumer price index fell by 0.2 percent in January, compared with the 0.1 percent increase expected by analysts. A month earlier, in December, the consumer price index rose by 0.5 percent on a monthly basis.

According to a statement from Destatis

In Germany, energy prices fell by 1.6 percent in January after December, while food prices rose at a slower pace, by 0.8 percent on an annual basis, following a 2.0 percent increase in December. The price of services increased by 4.1 percent in December and 4.0 percent in January.