Inflation in Germany rose more than expected to 2.9% in December, according to preliminary data released by the federal statistics office on Monday.
Analysts polled by Reuters had forecast a reading of 2.6% in December, after a 2.4% year-on-year increase in consumer prices in November, based on data adjusted for comparison with other countries in the European Union.
Core inflation, which excludes volatile food and energy prices, rose to 3.1% from 3.0% in November.
Energy prices fell by 1.7% from a year earlier, while food prices rose by 2.0% year-on-year in December, according to the statistics office.
Economists are paying close attention to the country’s inflation data because Germany publishes the figure a day before eurozone inflation data is released.
Eurozone inflation is expected to rise to 2.4% in December from 2.2% in November.
The European Central Bank expects inflation to stabilize at its 2% target this year after hitting double digits following Russia's massive invasion of Ukraine in 2022.
