By Hans Bentzien

    FRANKFURT (Dow Jones) — Inflationary pressures in Germany came in significantly lower than expected in January. According to a statement from the Federal Statistical Office (Destatis), the Harmonized Index of Consumer Prices (HICP) rose by 0.5 percent compared to the previous month and was 9.2 percent above the level of the same month last year. Economists polled by Dow Jones Newswires had forecast monthly inflation of 1.2 percent and annual inflation of 10.0 percent.

    The January values ​​cannot be compared with those of December. It is therefore also not clear whether inflationary pressure increased or decreased at the beginning of the year. Destatis will publish revised figures for the previous month and a final January value on February 22.

    According to preliminary information from Eurostat, inflation in the euro area fell to 8.5 (9.2) percent. This figure was based on an unpublished estimate for Germany, which was unable to provide its figures on time due to technical problems. The second release is coming on February 23rd.

    The national German consumer price index rose in January by 1.0 percent on a monthly basis and 8.7 percent on a yearly basis. Economists polled by Dow Jones Newswires had forecast rates of 1.2 and 9.2 percent.

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    (END) Dow Jones Newswires

    February 09, 2023 02:18 ET (07:18 GMT)