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German Inflation Jumps to Fastest Since 2013 on Oil Prices

  • Consumer prices rose annual 1.7% this month vs 1.3% estimate
  • Euro-area inflation report due to be published on Wednesday
Pedestrians pass retail stores in Frankfurt.
Photographer: Krisztian Bocsi/Bloomberg
Updated on

The pace of German inflation more than doubled in December, driven by a surge in oil that is set to mask continued weakness in underlying price pressures in the months ahead.

Consumer prices rose 1.7 percent from a year ago, recording the biggest jump on record, the Federal Statistics Office in Wiesbaden said on Tuesday. Economists surveyed by Bloomberg predicted an increase to 1.3 percent. The reading is the strongest since July 2013 and follows a rate of 0.7 percent the previous month. Prices rose 1 percent from November.