(MENAFN) Preliminary data showed that inflation in Germany, Europe's largest economy, slowed noticeably in June with consumer prices rising by 0.3 percent on-year, The Peninsula Qatar reported.
In May, the index had risen by 0.7 percent on a 12-month basis, the federal statistics office Destatis said in a statement. The slowdown was attributed mainly to a sharp decline in energy prices.
Using the Harmonised Index of Consumer Prices (HICP), inflation in Germany rose by just 0.1 percent in June, down from 0.7 percent in May and a long way below the ECB's annual inflation target of just below 2 percent.
The June data are still only preliminary, since they are based on consumer price statistics from only six of Germany's 16 regional states. Final data from all 16 states will be published on July 14, Destatis said.
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