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German inflation rises to 2.1% in April, above ECB target

German inflation rises to 2.1% in April, above ECB target

According to preliminary data released by Germany’s Federal Statistics Office (Destatis) on Tuesday, consumer prices rose by 2.1% year-on-year after an increase of 1.4% in the previous month.

Market analysts had forecast a 1.7% increase.

Eurozone stocks and German bond yields rose after the data was released.

Inflation in the eurozone is expected to fall over the course of the year, due to a slowdown in global growth and a rise in energy prices.

Economists expect annual eurozone inflation to rise to 1.6% when figures are announced on Friday.