June 29, 2020 / 12:26 PM / a month ago

German inflation picks up in June

BERLIN, June 29 (Reuters) - German annual inflation accelerated at low levels in June, preliminary data showed on Monday, but remained well below the European Central Bank’s target, providing further justification for stimulus.

German consumer prices, harmonised to make them comparable with inflation data from other European Union countries, rose by 0.8% year-on-year, compared with 0.5% in the previous month, the Federal Statistics Office said.

The reading compared with a Reuters forecast for 0.6%.

On the month, EU-harmonised prices rose 0.7% in June. A Reuters poll had predicted a rise of 0.4%.

The ECB has a target of keeping inflation close to but below 2% for the currency bloc. (Writing by Paul Carrel; editing by Thomas Seythal)

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