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German inflation in May slumped to lowest rate since 2016

June 17, 2020


Abstract : Annual inflation in Germany eased to its lowest rate since 2016 in May, slowing for the third consecutive month to 0.6 percent, the Federal Statistical Office (Destatis) said on Tuesday.

Annual inflation in Germany eased to its lowest rate since 2016 in May, slowing for the third consecutive month to 0.6 percent, the Federal Statistical Office (Destatis) said on Tuesday.

Consumer prices in Europe's biggest economy grew at the slowest rate since September 2016, Destatis said, confirming an earlier estimate.

The inflation rate comes mostly as a result of crashing oil prices amid the coronavirus-related global downturn. Energy prices declined by 8.5 percent in May, Destatis said.

The European Central Bank aims to keep inflation just under 2 percent for eurozone countries, but has failed to do so for several years despite monetary stimulus.

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Keyword: German inflation

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