Inflation in Germany in March reached its highest level in the last 15 months due to rising energy costs, confirmed the country’s statistical office on Tuesday.
The annual inflation rate in the largest European economy reached 1.1 percent in that month, the statistical office reported, confirming preliminary data published at the end of last month. On a monthly basis, the price increase was 0.5 percent, according to the office’s data. The annual increase in consumer prices was largely driven by a 32 percent rise in heating oil prices and a 19.4 percent increase in fuel costs. Food prices also rose by 0.3 percent. Inflation in the 16-member eurozone increased to 1.5 percent in March, but remains below the European Central Bank’s (ECB) target level of nearly two percent annually, the European statistical office Eurostat reported last month. (H)
