German inflation holds steady in November
[BERLIN] German inflation remained stuck at the low level of 1.1 per cent in November, preliminary data showed on Thursday, despite fresh stimulus from the European Central Bank to stoke price growth.
Consumer prices rose 1.1 per cent year-on-year this month, the same rate as in October, federal statistics authority Destatis said in a statement.
The picture was somewhat brighter when looking at the ECB's preferred yardstick - the Harmonised Index of Consumer Prices - which recorded a November inflation rate of 1.2 per cent, up from 0.9 per cent in October.
Analysts had been expecting a slight pick-up in inflation after the ECB in September unleashed a fresh volley of easy money policies to tackle a weaker economic outlook in the 19-nation eurozone.
As well as cutting a key interest rate deeper into negative territory and loosening conditions for cheap credit to banks, the ECB restarted a massive monthly bond-buying programme.
The measures are aimed at encouraging spending and investment to drive up growth and bring the ECB closer to its inflation target of just under two per cent.
Despite the efforts, price increases have been stubbornly low in Europe's top economy in recent months as it is buffeted by trade tensions, Brexit uncertainty and a slowdown in global growth.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Suzhou Industrial Park: The crown jewel of China-Singapore relations celebrates its 30th year
Top US Treasury official to travel to Singapore, Malaysia to discuss sanctions
Saudi Arabia posts budget deficit of US$3.3 billion in first quarter
Microsoft bets big on South-east Asia, pledges billions in AI and cloud investments
RBA to keep key rate at 12-year high as inflation stirs anew
EU chief says will urge ‘fair’ China competition in talks with Xi