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German Inflation Accelerates Sharply In April; Exceeds Expectations

Germany's consumer price inflation accelerated sharply in April to its highest level in four months, led by a strong increase in service costs, flash data from Destatis showed on Tuesday.

The consumer price index rose 2 percent year-on-year following a 1.3 percent increase in March. Economists had forecast 1.5 percent inflation.

The latest inflation was the highest since November's 2.1 percent.

Energy inflation accelerated to 4.6 percent from 4.2 percent, and food price growth increased to 0.8 percent from 0.7 percent.

Services price growth shot up to 2.1 percent from 1.2 percent.

On a month-on-month basis, prices grew 1 percent after a 0.4 percent gain in March. Economists were looking for a 0.5 percent increase.

The harmonized index of consumer prices, or HICP, which is meant for EU comparison, rose 2.1 percent annually in April following a 1.4 percent climb in March.

That topped economists' forecast for 1.7 percent price growth.

Compared to the previous month, the HICP rose 1 percent in April after a 0.5 percent increase in March.

Destatis is set to release detail data for April inflation on May 14.

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