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German inflation eases to 1.9 percent in May

 

Germany's annual inflation slowed down and fell below the key mark of 2.0 percent for the first time since 2011, official final data showed Wednesday.

The Wiesbaden-based Federal Statistical Office confirmed that inflation in Europe's largest economy fell to 1.9 percent in May on a yearly basis, from 2.1 percent in April.

A lower value was last seen in December 2010, when the annual inflation stood at 1.7 percent.

The office said declining energy prices were the main contributor the slowdown in May.

On a monthly basis, consumer price in Germany dipped 0.2 percent from April, also mainly thanks to falling energy costs. In May, motor fuel prices declined for the first time in 2012 and heating oil prices decreased for the third consecutive month.

Germany's harmonized index of consumer prices (HICP), which is calculated for European purposes, rose 2.2 percent in May from the same month last year. Compared with April, the index was down by 0.2 percent.

Inflation figure in Germany exerts great weight on monetary policy of the European Central Bank.

According to Eurostat data agency, annual inflation in eurozone slowed to 2.4 percent in May, compared with 2.6 percent in April.

 

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