German inflation cut to 2.4 percent in April

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FRANKFURT, May 15, 2008 (AFP) – Inflation in Germany fell to 2.4 percent in April from 3.1 percent in March, but remains above the European Central Bank’s target of just below two percent, data confirmed Thursday.

Final figures for the annual inflation rate released by the statistics office confirmed a preliminary estimate based on a sample of six German states issued on April 28.

A 0.2 percent moderation from March was helped by a strong fall in holiday and hotel prices due to Easter falling this year in March, whereas in 2007 the holiday period was in April, the statistics office said in a statememt.

The main factors driving the inflation rate in Europe’s largest economy remain though rising energy and food prices.

Petrol for example cost 8.8 percent more than in April 2007, and light heating oil was 38.9 percent more expensive. Electricity prices were up 7.3 percent and gas was 3.6 percent pricier.

Food and non-alcoholic drinks were 7.1 percent more expensive in April than a year ago. Eggs were 24.0 percent more expensive, milk 31.0 percent, fruit 9.7 percent and bread and other cereal products 8.8 percent higher. Vegetables were 5.5 percent cheaper, however.