June 29, 2020 / 12:30 PM / 10 days ago

German inflation picks up in June

A man stands in front of a rack with Adidas Original shoes before the opening at the new Adidas Originals store in Berlin, March 27, 2014. Adidas has launched a new store blueprint for its Originals fashion brand with a Wi-Fi equipped lounge and mobile charging points, aiming to persuade younger shoppers to linger longer and spend more in its high-margin, own-run outlets. REUTERS/Stefanie Loos (GERMANY - Tags: SPORT BUSINESS TPX IMAGES OF THE DAY)

BERLIN (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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