According to the Wiesbaden-based government statisticians, average annual inflation reached 1.8 per cent in 2017 after 0.5 per cent in 2016. The Office attributed this development to higher energy, foodstuff and housing costs, Xinhua news agency said.
Another source of pressure on prices was identified by German media in the European Central Bank (ECB)'s ultra-loose monetary policy. The ongoing large bond-purchasing program adopted by the Frankfurt-based institution remains a source of controversy in Germany.
Recent data from the wider Eurozone suggest that ECB President Mario Draghi's unorthodox efforts to reinvigorate the growth in the bloc are increasingly bearing fruit.
However, annual inflation in the Eurozone was still below the ECB's official goal of just under two percent at 1.4 per cent in 2017, according to Eurostat.
Following a cheapening of energy during previous years, a spike in the cost of crude oil (3.1 per cent), heating oil (16 per cent) and gasoline (6 per cent) combined to contribute to higher overall inflationary pressure in Germany compared to other Eurozone countries in 2017.
Furthermore, the domestic cost of foodstuffs rose by 3 per cent, while rental costs (exclusive of heating) were up 1.4 per cent during the same period.
Nevertheless, German price growth slowed again slightly to a monthly rate of 1.7 per cent in December. This was mainly due to reduction in energy price growth from 3.7 per cent in November to 1.3 per cent during the last month of 2017.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
