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(Bloomberg) — German inflation slowed to the lowest level in seven months, offering assurance to the European Central Bank as it weighs further interest-rate cuts amid US tariff uncertainty.
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Consumer prices advanced 2.2% from a year ago, down from 2.3% in March, the statistics office said Wednesday. That’s just above the 2.1% median estimate in a Bloomberg survey.
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Closely watched services costs accelerated but may have been affected by Easter holidays falling later this year.
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The data follow numbers from France and Spain that both came in quicker than anticipated — even if France’s was the lowest reading since February 2021.
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Data due Friday are expected to show euro-zone prices advanced 2.1% from a year ago in April, slightly down from the previous month and just above the ECB’s 2% target. An underlying measure that strips out volatile elements such as energy is estimated to have ticked up.
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ECB policymakers have sounded optimistic on inflation of late and are preparing another rate reduction in June after a seventh cut in the current cycle this month. But they also highlight “exceptional uncertainty,” mainly due to US President Donald Trump’s tariffs.
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The euro-area economy expanded more than expected in the first quarter. But the 0.4% advance in gross domestic product — double the previous period’s gain — doesn’t include the fallout from Trump’s Liberation Day earlier this month.
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Mindful that the levies are almost sure to weigh on growth, investors are pricing two or three more rate cuts in 2025. Some economists see a chance of even more, while Franklin Templeton said this week that the ECB could start mulling a hike by year-end.
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—With assistance from Harumi Ichikura, Joel Rinneby and Kristian Siedenburg.
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English (US)