FX.co ★ German Inflation Accelerates to 2.9% in April

Germany’s consumer price inflation accelerated to 2.9% year-on-year in April 2026, up from 2.7% in March and just below market expectations of 3%, according to preliminary data. This is the highest rate since January 2024, largely driven by a 10.1% jump in energy prices linked to the Iran war. Food inflation edged up to 1.2% from 0.9%, while services inflation eased to 2.8% from 3.2%. The core inflation rate, which excludes food and energy, declined to 2.3%, its lowest reading since June 2021. At the same time, the EU-harmonized annual inflation rate rose to 2.9%, also the highest since January 2024 and clearly above the European Central Bank’s 2% target.