German CPI pushed higher by food prices in April
By Alexander Bueso
Date: Thursday 28 Apr 2022
(Sharecast News) - The cost of living in the euro area's largest economy edged past economists' forecasts in April despite a dip in goods' prices.
According to the Federal Office of Statistics, the year-on-year rate of increase in Germany's Consumer Price Index rose by a tenth of a percentage point to 7.4%.
Economists had instead been expecting a decline to 7.2%.
The annual rate of increase in goods prices dipped from 12.3% in March to 12.0% for April, as the rise in energy prices eased from 39.5% to 35.3%. Food price inflation on the other hand picked up from 6.2% to 8.5%.
Services prices meanwhile advanced at a year-on-year clip of 2.9%, which was one tenth of a percentage point greater than during the previous month.
Commenting on the latest data, Iaroslav Shelepko at Barclays Research estimated that on the basis of the latest CPI readings out in Germany and Spain, euro area CPI was likely to print at up by 7.3% year-on-year.
Eurostat was scheduled to publish its 'flash' estimate for Eurozone CPI the next day at 1000 GMT.
"We expect EA flash inflation data tomorrow to convey a similar message i.e. technical easing of energy price pressures being largely offset by acceleration in food and core goods and services inflation."
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