Germany's annual inflation accelerates for 1st time this year

By Tuba Ongun

Germany's annual consumer inflation rose for the first time this year to 2.4% in May, the highest level since February, according to provisional data released on Wednesday.

The figure was up from a two-year low of 2.2% in both March and April, Destatis data showed.

The hike was led by prices accelerating for services (up 3.9% in May versus 3.4% in April) and food (up 0.6% in May compared to 0.5% in April).

Energy prices fell 1.1% year-on-year in May, following a 1.2% decline in the prior month.

The core inflation, excluding food and energy, was stable at 3% in May.

On a monthly basis, consumer prices increased by 0.1%, Destatis data showed.