German consumer prices, harmonised to compare with other European Union countries, rose by a less-than-anticipated 9.2% on the year in January, preliminary data from the federal statistics office showed on Thursday.
Analysts had expected harmonised data to grow by 10.0% on an annual basis and increase by 1.2% on the previous month.
According to non-harmonised standards, German consumer prices rose 8.7% on year in January and 1.0% on the month. "The downward trend in inflation visible in the old figures should continue in the coming months, as the rise in energy prices is likely to ease further," said Joerg Kraemer, chief economist at Commerzbank. However, he warned that it is too early to sound the all-clear on the inflation front.
Kraemer said inflation excluding energy and food was likely to remain stubbornly high this year, mainly because of rising wage costs.
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