ISTANBUL

The annual inflation rate in Germany was at 2.9% in January, the lowest level since June 2021, Federal Statistical Office Destatis revealed on Friday.

The inflation rate was 3.7% in December 2023 and 3.2% in November, it said.

"The last time the inflation rate was lower than in January 2024 was in June 2021 (+2.4%)," it noted.

"The price situation for energy products is visibly easing and the rise in food prices is slowing further. However, it is still higher than overall inflation," said Ruth Brand, president of Destatis.

On a monthly basis, the inflation rate was at 0.2% in January.