Rising oil prices boost inflation in Germany

PanARMENIAN.Net - Rising oil prices are fuelling inflation in Germany, the eurozone's biggest economy, and may do some for some time to come, preliminary data showed on Tuesday, February 28, AFP reported.

The German consumer price index rose by 2.3 percent on a 12-month basis in February, faster than the 2.1 percent recorded in January, the national statistics office Destatis calculated in a statement.

On a monthly basis, the cost of living in Germany rose by 0.7 percent in February from January.

Using the Harmonised Index of Consumer Prices, the ECB's inflation yardstick, the cost of living in Germany rose by 2.5 percent on a 12-month basis in February, compared with 2.3 percent in January.

The ECB defines price stability as increases in HICP of close to but just below 2.0 percent.

The preliminary inflation data are calculated using consumer price data for six of Germany's 16 federal states.

Final data, based on statistics for all 16 states, are scheduled to be published on March 9.